N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22970

Nuveen Dow 30^SM Dynamic Overwrite Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices)  (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code:   (312) 917-7700                    

Date of fiscal year end:   December 31                       

Date of reporting period:   June 30, 2023                    

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

Closed-End

Funds

Closed-End

Funds

Nuveen

June

30,

2023

Semi-annual

Report

This

semi-annual

report

contains

the

Funds'

unaudited financial

statements.

Nuveen

S&P

500

Buy-Write

Income

Fund

BXMX

Nuveen

Dow

30

S

M

Dynamic

Overwrite

Fund

DIAX

Nuveen

S&P

500

Dynamic

Overwrite

Fund

SPXX

Nuveen

Nasdaq

100

Dynamic

Overwrite

Fund

QQQX

Nuveen

Core

Equity

Alpha

Fund

JCE

2

IMPORTANT

DISTRIBUTION

NOTICE

for

Shareholders

of

the

Nuveen

S&P

500

Buy-Write

Income

Fund

(BXMX)

Nuveen

Dow

30SM

Dynamic

Overwrite

Fund

(DIAX)

Nuveen

S&P

500

Dynamic

Overwrite

Fund

(SPXX)

Nuveen

Nasdaq

100

Dynamic

Overwrite

Fund

(QQQX)

Nuveen

Core

Equity

Alpha

Fund

(JCE)

Semi-annual

Shareholder

Report

for

the

period

ending

JUNE

30,

2023

The

Nuveen

S&P

500

Buy-Write

Income

Fund

(BXMX),

Nuveen

Dow

30SM

Dynamic

Overwrite

Fund

(DIAX),

Nuveen

S&P

500

Dynamic

Overwrite

Fund

(SPXX),

Nuveen

Nasdaq

100

Dynamic

Overwrite

Fund

(QQQX)

and

Nuveen

Core

Equity

Alpha

Fund

(JCE)

seek

to

offer

attractive

cash

flow

to

their

shareholders,

by

converting

the

expected

long-term

total

return

potential

of

the

Funds’

portfolio

of

investments

into

regular

quarterly

distributions.

Following

is

a

discussion

of

the

Managed

Distribution

Policy

the

Funds

use

to

achieve

this.

Each

Fund

pays

quarterly

common

share

distributions

that

seek

to

convert

the

Fund’s

expected

long-term

total

return

potential

into

regular

cash

flow.

As

a

result,

the

Funds’

regular

common

share

distributions

(presently

$0.4730,

$0.5734,

$0.5880,

$0.8400,

$0.6400

per

share,

respectively)

may

be

derived

from

a

variety

of

sources,

including:

Net

investment

income

consisting

of

regular

interest

and

dividends

Realized

capital

gains

or,

Possibly,

returns

of

capital

representing

in

certain

cases

unrealized

capital

appreciation.

Such

distributions

are

sometimes

referred

to

as

“managed

distributions.”

Each

Fund

seeks

to

establish

a

distribution

rate

that

roughly

corresponds

to

the

Adviser’s

projections

of

the

total

return

that

could

reasonably

be

expected

to

be

generated

by

each

Fund

over

an

extended

period

of

time.

The

Adviser

may

consider

many

factors

when

making

such

projections,

including,

but

not

limited

to,

long-term

historical

returns

for

the

asset

classes

in

which

each

Fund

invests.

As

portfolio

and

market

conditions

change,

the

distribution

amount

and

distribution

rate

on

the

Common

Shares

under

the

Funds’

Managed

Distribution

Policy

could

change.

When

it

pays

a

distribution,

each

Fund

provides

holders

of

its

Common

Shares

a

notice

of

the

estimated

sources

of

the

Fund’s

distributions

(i.e.,

what

percentage

of

the

distributions

is

estimated

to

constitute

ordinary

income,

short-term

capital

gains,

long-term

capital

gains,

and/or

a

non-taxable

return

of

capital)

on

a

year-to-date

basis.

It

does

this

by

posting

the

notice

on

its

website

(www.nuveen.com/cef),

and

by

sending

it

in

written

form.

You

should

not

draw

any

conclusions

about

the

Funds’

investment

performance

from

the

amount

of

this

distribution

or

from

the

terms

of

the

Funds’

Managed

Distribution

Policy.

The

Funds’

actual

financial

performance

will

likely

vary

from

month-to-month

and

from

year-to-year,

and

there

may

be

extended

periods

when

the

distribution

rate

will

exceed

the

Funds’

actual

total

returns.

The

Managed

Distribution

Policy

provides

that

the

Board

may

amend

or

terminate

the

Policy

at

any

time

without

prior

notice

to

Fund

shareholders.

There

are

presently

no

reasonably

foreseeable

circumstances

that

might

cause

each

Fund

to

terminate

its

Managed

Distribution

Policy.

Table

of

Contents

3

Chair’s

Letter

to

Shareholders

4

Important

Notices

5

Common

Share

Information

6

About

the

Funds’

Benchmarks

9

Performance

Overview

and

Holding

Summaries

10

Portfolios

of

Investments

20

Statement

of

Assets

and

Liabilities

60

Statement

of

Operations

61

Statement

of

Changes

in

Net

Assets

62

Financial

Highlights

66

Notes

to

Financial

Statements

70

Risk

Considerations

81

Additional

Fund

Information

82

Glossary

of

Terms

Used

in

this

Report

83

Annual

Investment

Management

Agreement

Approval

Process

84

4

Chair’s

Letter

to

Shareholders

Dear

Shareholders,

The

significant

measures

taken

by

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

since

2022

to

contain

inflation

have

begun

to

take

effect.

From

March

2022

to

July

2023,

the

Fed

raised

the

target

fed

funds

rate

by

5.25%

to

a

range

of

5.25%

to

5.50%.

Even

with

a

brief

pause

in

June

2023,

this

has

been

one

of

the

fastest

interest

rate

hiking

cycles

in

the

Fed’s

history.

Inflation

rates

in

the

U.S.

and

across

most

of

the

world

have

fallen

from

their

post-pandemic

highs

but

currently

remain

above

the

levels

that

central

banks

consider

supportive

of

their

economies’

long-term

growth,

particularly

when

looking

at

core

inflation

measures,

which

exclude

volatile

food

and

energy

prices.

At

the

same

time,

the

U.S.

and

other

large

economies

have

remained

relatively

resilient,

even

as

financial

conditions

have

tightened.

U.S.

gross

domestic

product

accelerated

to

2.4%

in

the

second

quarter

of

2023

from

2.0%

in

the

first

quarter

of

2023,

after

growing

2.1%

in

2022

overall

compared

to

2021.

A

relatively

strong

jobs

market

has

helped

support

consumer

sentiment

and

spending

despite

historically

high

inflation.

Markets

are

concerned

that

these

conditions

could

keep

upward

pressure

on

prices

and

wages

and

continue

to

assess

the

impact

of

the

collapse

of

three

regional

U.S.

banks

(Silicon

Valley

Bank,

Signature

Bank

and

First

Republic

Bank)

and

major

European

bank

Credit

Suisse

in

March

2023.

Fed

officials

are

closely

monitoring

inflation

data

and

other

economic

measures

to

modify

their

rate

setting

activity

based

upon

these

factors

on

a

meeting-by-meeting

basis,

including

pausing

rate

adjustments

at

the

June

2023

meeting

to

assess

the

effects

of

monetary

policy

on

the

economy.

While

uncertainty

has

increased

given

the

unpredictable

outcome

of

tighter

credit

conditions

on

the

economy,

the

Fed

remains

committed

to

acting

until

it

sees

sustainable

progress

toward

its

inflation

goals.

Additionally,

market

concerns

surrounding

the

U.S.

debt

ceiling

faded

after

the

government

agreed

in

June

2023

to

suspend

the

nation’s

borrowing

limit

until

January

2025,

averting

a

near-term

default

scenario.

In

the

meantime,

markets

are

likely

to

continue

reacting

in

the

short

term

to

news

about

inflation

data,

economic

indicators

and

central

bank

policy.

We

encourage

investors

to

keep

a

long-term

perspective

amid

the

short-term

turbulence.

Your

financial

professional

can

help

you

review

how

well

your

portfolio

is

aligned

with

your

time

horizon,

risk

tolerance

and

investment

goals.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

August

22,

2023

Important

Notices

5

Portfolio

Manager

Commentaries

in

Semi-annual

Shareholder

Reports

The

Funds

include

portfolio

manager

commentary

in

their

annual

shareholder

reports.

For

the

Funds’

most

recent

annual

portfolio

manager

discussion,

please

refer

to

the

Portfolio

Managers’

Comments

section

of

each

Fund’s

December

31,

2022

annual

shareholder

report.

For

current

information

on

your

Fund’s

investment

objectives,

portfolio

management

team

and

average

annual

total

returns

please

refer

to

the

Fund’s

website

at

www.nuveen.com.

For

changes

that

occurred

to

your

Fund

both

during

and

subsequent

to

this

reporting

period,

please

refer

to

the

Notes

to

Financial

Statements

section

of

this

report.

For

average

annual

total

returns

as

of

the

end

of

this

reporting

period,

please

refer

to

the

Performance

Overview

and

Holding

Summaries

section

within

this

report.

Portfolio

Manager

Update

for

BXMX

Effective

June

30,

2023,

Mitchell

Trotta

has

been

added

as

a

portfolio

manager

of

the

Fund.

Michael

Buckius,

Kenneth

Toft

and

Daniel

Ashcraft

continue

to

serve

as

portfolio

managers

of

the

Fund.

6

Common

Share

Information

(Unaudited)

DISTRIBUTION

INFORMATION

The

following

19(a)

Notice

presents

the

Funds’

most

current

distribution

information

as

of

May

31,

2023

as

required

by

certain

exempted

regulatory

relief

the

Funds

have

received.

Because

the

ultimate

tax

character

of

your

distributions

depends

on

the

Funds’

performance

for

its

entire

fiscal

year

(which

is

the

calendar

year

for

the

Funds)

as

well

as

certain

fiscal

year-end

(FYE)

tax

adjustments,

estimated

distribution

source

information

you

receive

with

each

distribution

may

differ

from

the

tax

information

reported

to

you

on

your

Funds’

IRS

Form

1099

statement.

COMMON

SHARE

DISTRIBUTION

INFORMATION

Each

Fund

makes

regular

cash

distributions

to

shareholders

of

stated

dollar

amount

per

share.

Subject

to

approval

and

oversight

by

the

Board

of

Trustees,

the

Fund

seeks

to

maintain

a

stable

distribution

level

designed

to

deliver

the

long-term

return

potential

of

each

Fund’s

investment

strategy

through

regular

distributions

(a

“Managed

Distribution

Program”).

The

practice

of

maintaining

a

stable

distribution

level

had

no

material

effect

on

each

Fund’s

investment

strategy

during

the

most

recent

fiscal

period

and

is

not

expected

to

have

such

an

effect

in

future

periods,

however,

distributions

in

excess

of

Fund

returns

will

cause

its

NAV

per

share

to

erode.

For

additional

information,

refer

to

the

distribution

information

section

below

and

in

the

Notes

to

Financial

Statements

herein.

This

notice

provides

shareholders

with

information

regarding

fund

distributions,

as

required

by

current

securities

laws.

You

should

not

draw

any

conclusions

about

the

Funds’

investment

performance

from

the

amount

of

this

distribution

or

from

the

terms

of

the

Funds’

Managed

Distribution

Policy.

The

following

table

provides

estimates

of

the

Funds’

distribution

sources,

reflecting

year-to-date

cumulative

experience

through

the

month-end

prior

to

the

latest

distribution.

The

Funds

attributes

these

estimates

equally

to

each

regular

distribution

throughout

the

year.

Consequently,

the

estimated

information

as

of

the

specified

month-end

shown

below

is

for

the

current

distribution,

and

also

represents

an

updated

estimate

for

all

prior

months

in

the

year.

It

is

estimated

that

DIAX,

SPXX,

QQQX

and

JCE

have

distributed

more

than

their

income

and

net

realized

capital

gains;

therefore,

a

portion

of

the

distributions

may

be

(and

is

shown

below

as

being

estimated

to

be)

a

return

of

capital.

A

return

of

capital

may

occur,

for

example,

when

some

or

all

of

the

money

that

you

invested

in

the

Fund

is

paid

back

to

you.

A

return

of

capital

distribution

does

not

necessarily

reflect

the

Fund’s

investment

performance

and

should

not

be

confused

with

“yield”

or

“income.”

The

amounts

and

sources

of

distributions

set

forth

below

are

only

estimates

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

of

the

amounts

for

tax

reporting

purposes

will

depend

upon

the

Funds’

investment

experience

during

the

remainder

of

its

fiscal

year

and

may

be

subject

to

changes

based

on

tax

regulations.

Each

Fund

will

send

you

a

Form

1099-DIV

for

the

calendar

year

that

will

tell

you

how

to

report

these

distributions

for

federal

income

tax

purposes.

More

details

about

the

Funds’

distributions

and

the

basis

for

these

estimates

are

available

on

www.nuveen.com/cef.

Data

as

of

May

31,

2023

Per

Share

Estimated

Sources

of

Distribution

1

Estimated

Percentage

of

Distributions

1

Fund

Inception

Date

Per

Share

Distribution

Net

Investment

Income

Long-

Term

Gains

Short-

Term

Gains

Return

of

Capital

Net

Investment

Income

Long-

Term

Gains

Short-

Term

Gains

Return

of

Capital

BXMX

(FYE

12/31)

Oct-2004

Current

Quarter

$0.2365

$0.0278

$0.1072

$0.1015

$0.0000

11.80%

45.30%

42.90%

0.00%

Fiscal

YTD

$0.4730

$0.0556

$0.2144

$0.2030

$0.0000

11.80%

45.30%

42.90%

0.00%

DIAX

(FYE

12/31)

Apr-2005

Current

Quarter

$0.2867

$0.0571

$0.0592

$0.0000

$0.1705

19.90%

20.60%

0.00%

59.50%

Fiscal

YTD

$0.5734

$0.1141

$0.1184

$0.0000

$0.3409

19.90%

20.60%

0.00%

59.50%

SPXX

(FYE

12/31)

Nov-2005

Current

Quarter

$0.2940

$0.0307

$0.2626

$0.0000

$0.0007

10.40%

89.30%

0.00%

0.20%

Fiscal

YTD

$0.5880

$0.0613

$0.5253

$0.0000

$0.0014

10.40%

89.30%

0.00%

0.20%

QQQX

(FYE

12/31)

Jan-2007

Current

Quarter

$0.4200

$0.0041

$0.2025

$0.0476

$0.1657

1.00%

48.20%

11.30%

39.50%

Fiscal

YTD

$0.8400

$0.0083

$0.4050

$0.0953

$0.3315

1.00%

48.20%

11.30%

39.50%

JCE

(FYE

12/31)

Mar-2007

Current

Quarter

$0.3200

$0.0175

$0.0000

$0.0000

$0.3025

5.50%

0.00%

0.00%

94.50%

Fiscal

YTD

$0.6400

$0.0351

$0.0000

$0.0000

$0.6049

5.50%

0.00%

0.00%

94.50%

1

Net

investment

income

(NII)

is

a

projection

through

the

end

of

the

current

calendar

quarter

using

actual

data

through

the

stated

month-end

date

above.

Capital

gain

amounts

are

as

of

the

stated

date

above.

The

estimated

per

share

sources

above

include

an

allocation

of

the

NII

based

on

prior

year

attributions

which

can

be

expected

to

differ

from

the

actual

final

attributions

for

the

current

year.

7

The

following

table

provides

information

regarding

the

Funds’

distributions

and

total

return

performance

over

various

time

periods.

This

information

is

intended

to

help

you

better

understand

whether

returns

for

the

specified

time

periods

were

sufficient

to

meet

its

distributions.

 NUVEEN

CLOSED-END

FUND

DISTRIBUTION

AMOUNTS

The

Nuveen

Closed-End

Funds’

monthly

and

quarterly

periodic

distributions

to

shareholders

are

posted

on

www.nuveen.com

and

can

be

found

on

Nuveen’s

enhanced

closed-end

fund

resource

page,

which

is

at

https://www.nuveen.com/resource-center-closedend

funds,

along

with

other

Nuveen

closed-end

fund

product

updates.

To

ensure

timely

access

to

the

latest

information,

shareholders

may

use

a

subscribe

function,

which

can

be

activated

at

this

web

page

(https://www.nuveen.com/subscriptions).

COMMON

SHARE

EQUITY

SHELF

PROGRAMS

During

the

current

reporting

period,

SPXX

and

QQQX

were

authorized

by

the

Securities

and

Exchange

Commission

to

issue

additional

common

shares

through

an

equity

shelf

program

(Shelf

Offering).

Under

these

programs,

the

Funds,

subject

to

market

conditions,

may

raise

additional

capital

from

time

to

time

in

varying

amounts

and

offering

methods

at

a

net

price

at

or

above

each

Fund’s

NAV

per

common

share.

The

maximum

aggregate

offering

under

these

Shelf

Offerings

are

as

shown

in

the

accompanying

table.

During

the

current

reporting

period,

QQQX

sold

common

shares

through

its

Shelf

Offering

at

a

weighted

average

premium

to

their

NAV

per

common

share

as

shown

in

the

accompanying

table.

Refer

to

Notes

to

Financial

Statements,

for

further

details

of

Shelf

Offerings

and

each

Fund’s

transactions.

COMMON

SHARE

REPURCHASES

The

Funds’

Board

of

Trustees

reauthorized

an

open-market

share

repurchase

program,

allowing

each

Fund

to

repurchase

and

retire

an

aggregate

of

up

to

approximately

10%

of

its

outstanding

common

shares.

During

the

current

reporting

period,

the

Funds

did

not

repurchase

any

of

their

outstanding

common

shares.

 As

of

June

30,

2023,

(and

since

the

inception

of

the

Funds’

repurchase

programs),

each

Fund

has

cumulatively

repurchased

and

retired

its

outstanding

common

shares

as

shown

in

the

accompanying

table.

Data

as

of

May

31,

2023

Annualized

Cumulative

5-Year

Fiscal

YTD

Fiscal

YTD

Fiscal

YTD

Fund

Inception

Date

Quarterly

Distribution

Fiscal

YTD

Distribution

Net

Asset

Value

(NAV)

Return

on

NAV

Dist

Rate

on

NAV

1

Return

on

NAV

Dist

Rate

on

NAV

1

BXMX

Oct-2004

$0.2365

$0.4730

$13.55

6.38%

6.98%

9.74%

3.49%

DIAX

Apr-2005

$0.2867

$0.5734

$15.74

3.63%

7.29%

(1.04)%

3.64%

SPXX

Nov-2005

$0.2940

$0.5880

$15.88

6.33%

7.41%

9.32%

3.70%

QQQX

Jan-2007

$0.4200

$0.8400

$23.85

7.66%

7.04%

23.88%

3.52%

JCE

Mar-2007

$0.3200

$0.6400

$12.83

7.06%

9.98%

9.27%

4.99%

1

As

a

percentage

of

5/31/23

NAV.

SPXX

QQQX

Maximum

aggregate

offering

4,993,317

Unlimited

QQQX

Common

shares

sold

through

shelf

offering

192,461

Weighted

average

premium

to

NAV

per

common

share

sold

4.61%

BXMX

DIAX

SPXX

QQQX

JCE

Common

shares

repurchased

and

retired

460,238

0

383,763

0

449,800

Common

shares

authorized

for

repurchase

10,405,000

3,635,000

1,780,000

4,780,000

1,605,000

8

Common

Share

Information

(Unaudited)

(continued)

OTHER

COMMON

SHARE

INFORMATION

As

of

June

30,

2023,

the

Funds’

common

share

prices

were

trading

at

a

premium/(discount)

to

their

common

share

NAVs

and

trading

at

an

average

premium/(discount)

to

NAV

during

the

current

reporting

period,

as

follows:

BXMX

DIAX

SPXX

QQQX

JCE

Common

share

NAV

$13.76

$15.80

$16.24

$24.27

$13.22

Common

share

price

$13.37

$14.11

$15.68

$24.93

$12.76

Premium/(Discount)

to

NAV

(2.83)%

(10.70)%

(3.45)%

2.72%

(3.48)%

Average

premium/(discount)

to

NAV

(0.29)%

(7.44)%

(0.07)%

5.58%

(1.00)%

About

the

Funds’

Benchmarks

9

Chicago

Board

Options

Exchange

(

Cboe

)

Dow

Jones

Industrial

Average

(DJIA)

BuyWrite

Index

(BXD

SM

):

An

index

designed

to

measure

the

performance

of

a

hypothetical

buy-write

strategy

on

the

Dow

Jones

Industrial

Average.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Chicago

Board

Options

Exchange

(

Cboe

)

Nasdaq

100

BuyWrite

Index

(BXN

SM

):

An

index

designed

to

measure

the

performance

of

a

hypothetical

buy-write

strategy

on

the

Nasdaq

100®

Index.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Chicago

Board

Options

Exchange

(

Cboe

)

S&P

500

®

BuyWrite

Index

(BXM

SM

):

An

index

designed

to

measure

the

performance

of

a

hypothetical

buy-write

strategy

on

the

S&P

500®

Index.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

DIAX

Blended

Benchmark:

Consists

of:

1)

55%

Chicago

Board

Options

Exchange

(

Cboe

)

DJIA

BuyWrite

Index

(BXDSM)

(defined

herein),

and

2)

45%

Dow

Jones

Industrial

Average

Index

(DJIA)

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Dow

Jones

Industrial

Average

Index

(DJIA):

An

index

designed

to

measure

the

performance

of

30

actively

traded

U.S.

large

cap

stocks.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

JCE

Blended

Benchmark:

Consists

of:

1)

50%

S&P

500®

Index

(defined

herein),

and

2)

50%

Chicago

Board

Options

Exchange

(

Cboe

)

S&P

500®

Buywrite

Index

(BXMSM)

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Nasdaq

100

®

Index:

An

index

that

includes

100

of

the

largest

domestic

and

international

non-financial

equity

securities

listed

on

the

Nasdaq

Stock

Market

based

on

market

capitalization.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

QQQX

Blended

Benchmark:

Consists

of:

1)

55%

Chicago

Board

Options

Exchange

(

Cboe

)

Nasdaq

100

BuyWrite

Index

(BXNSM)

(defined

herein),

and

2)

45%

Nasdaq

100®

Index

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

500

®

Index:

An

index

generally

considered

representative

of

the

U.S.

equity

market.

The

index

includes

500

leading

companies

and

covers

approximately

80%

of

available

market

capitalization.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

SPXX

Blended

Benchmark:

Consists

of:

1)

55%

Chicago

Board

Options

Exchange

(

Cboe

)

S&P

500®

BuyWrite

Index

(BXMSM)

(defined

herein),

and

2)

45%

S&P

500®

Index

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

10

Nuveen

S&P

500

Buy-Write

Income

Fund

Performance

Overview

and

Holding

Summaries

June

30,

2023

BXMX

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Cboe

S&P

500

®

BuyWrite

Index

(BXM

SM

).

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

June

30,

2023

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

BXMX

at

Common

Share

NAV

10/26/04

13.36%

16.25%

6.99%

7.52%

BXMX

at

Common

Share

Price

10/26/04

9.52%

16.36%

6.19%

8.17%

Cboe

S&P

500®

BuyWrite

Index

(BXMSM)

—

10.47%

9.02%

4.42%

6.26%

11

Holdings

Summaries

as

of

June

30,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Fund

Allocation

(%

of

net

assets)

Common

Stocks

100.9‌%

Repurchase

Agreements

2.9‌%

Other

Assets

&

Liabilities,

Net

(3.8)%

Net

Assets

100‌%

Portfolio

Composition

1

(%

of

total

investments)

Software

10.1%

Technology

Hardware,

Storage

&

Peripherals

7.9%

Semiconductors

&

Semiconductor

Equipment

7.0%

Interactive

Media

&

Services

5.4%

Financial

Services

4.6%

Pharmaceuticals

4.4%

Oil,

Gas

&

Consumable

Fuels

3.5%

Broadline

Retail

3.2%

Health

Care

Providers

&

Services

2.8%

Banks

2.8%

Capital

Markets

2.5%

Health

Care

Equipment

&

Supplies

2.3%

Automobiles

2.2%

Specialty

Retail

1.9%

Hotels,

Restaurants

&

Leisure

1.9%

Insurance

1.9%

Consumer

Staples

Distribution

&

Retail

1.8%

Biotechnology

1.8%

Aerospace

&

Defense

1.7%

Chemicals

1.7%

Beverages

1.6%

Machinery

1.6%

Household

Products

1.4%

Life

Sciences

Tools

&

Services

1.3%

Other

19.9%

Repurchase

Agreements

2.8%

Total

Investments

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Apple

Inc

8.1%

Microsoft

Corp

7.0%

Amazon.com

Inc

3.2%

NVIDIA

Corp

2.9%

Alphabet

Inc

,

Class

A

2.2%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

12

Nuveen

Dow

30SM

Dynamic

Overwrite

Fund

Performance

Overview

and

Holding

Summaries

June

30,

2023

DIAX

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

DIAX

Blended

Benchmark.

The

Fund’s

Blended

Benchmark

consists

of:

1)

55%

Chicago

Board

Options

Exchange

(Cboe)

DJIA

BuyWrite

Index

(BXD

SM

)

and

2)

45%

Dow

Jones

Industrial

Average

Index

(DJIA).

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

June

30,

2023

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

DIAX

at

Common

Share

NAV

4/29/05

1.14%

7.34%

4.25%

7.10%

DIAX

at

Common

Share

Price

4/29/05

(5.34)%

(0.06)%

1.84%

6.87%

Dow

Jones

Industrial

Average

Index

(DJIA)

—

4.94%

14.23%

9.59%

11.26%

DIAX

Blended

Benchmark

—

5.55%

10.13%

7.29%

8.19%

13

Holdings

Summaries

as

of

June

30,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99

.9‌

%

Exchange-Traded

Funds

0

.9‌

%

Options

Purchased

0

.0‌

%

Repurchase

Agreements

1

.8‌

%

Other

Assets

&

Liabilities,

Net

(2.6)%

Net

Assets

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Software

10.3%

Health

Care

Providers

&

Services

9.0%

Capital

Markets

6.0%

Specialty

Retail

5.8%

Industrial

Conglomerates

5.7%

Hotels,

Restaurants

&

Leisure

5.6%

Pharmaceuticals

5.2%

Machinery

4.6%

Financial

Services

4.4%

Biotechnology

4.2%

Aerospace

&

Defense

3.9%

Technology

Hardware,

Storage

&

Peripherals

3.6%

Consumer

Staples

Distribution

&

Retail

3.5%

Consumer

Finance

3.3%

Insurance

3.2%

Other

19.1%

Exchange-Traded

Funds

0.9%

Options

Purchased

0.0%

Repurchase

Agreements

1.7%

Total

Investments

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

UnitedHealth

Group

Inc

9.2%

Microsoft

Corp

6.5%

Goldman

Sachs

Group

Inc/The

6.2%

Home

Depot

Inc/The

5.9%

McDonald's

Corp

5.7%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

14

Nuveen

S&P

500

Dynamic

Overwrite

Fund

Performance

Overview

and

Holding

Summaries

as

of

June

30,

2023

SPXX

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

SPXX

Blended

Benchmark.

The

Fund’s

Blended

Benchmark

consists

of:

1)

55%

Chicago

Board

Options

Exchange

(Cboe)

S&P

500

®

BuyWrite

Index

(BXM

SM

)

and

2)

45%

S&P

500

®

Index.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

June

30,

2023

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

SPXX

at

Common

Share

NAV

11/22/05

13.83%

14.29%

7.20%

7.89%

SPXX

at

Common

Share

Price

11/22/05

1.00%

8.07%

5.83%

8.66%

S&P

500®

Index

—

16.89%

19.59%

12.31%

12.86%

SPXX

Blended

Benchmark

—

13.36%

13.80%

8.01%

9.26%

15

Holdings

Summaries

as

of

June

30,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99

.0‌

%

Exchange-Traded

Funds

1

.8‌

%

Options

Purchased

0

.0‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

0

.1‌

%

Repurchase

Agreements

1

.7‌

%

Other

Assets

&

Liabilities,

Net

(2.6)%

Net

Assets

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Software

10.0%

Technology

Hardware,

Storage

&

Peripherals

8.1%

Semiconductors

&

Semiconductor

Equipment

7.3%

Interactive

Media

&

Services

5.6%

Financial

Services

4.9%

Pharmaceuticals

4.3%

Oil,

Gas

&

Consumable

Fuels

3.6%

Broadline

Retail

3.4%

Banks

2.9%

Health

Care

Providers

&

Services

2.9%

Health

Care

Equipment

&

Supplies

2.9%

Capital

Markets

2.6%

Hotels,

Restaurants

&

Leisure

2.1%

Insurance

2.0%

Beverages

2.0%

Consumer

Staples

Distribution

&

Retail

1.9%

Biotechnology

1.9%

Machinery

1.9%

Specialty

Retail

1.9%

Automobiles

1.7%

Electric

Utilities

1.6%

Aerospace

&

Defense

1.5%

Life

Sciences

Tools

&

Services

1.4%

Other

18.1%

Exchange-Traded

Funds

1.8%

Options

Purchased

0.0%

Investments

Purchased

with

Collateral

from

Securities

Lending

0.1%

Repurchase

Agreements

1.6%

Total

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Apple

Inc

8.2%

Microsoft

Corp

7.2%

Amazon.com

Inc

3.4%

NVIDIA

Corp

3.0%

Alphabet

Inc,

Class

A

2.1%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

16

Nuveen

Nasdaq

100

Dynamic

Overwrite

Fund

Performance

Overview

and

Holding

Summaries

as

of

June

30,

2023

QQQX

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

QQQX

Blended

Benchmark.

The

Fund’s

Blended

Benchmark

consists

of:

1)

55%

Chicago

Board

Options

Exchange

(Cboe)

Nasdaq

100

BuyWrite

Index

(BXN

SM

)

and

2)

45%

Nasdaq

100

®

Index.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

June

30,

2023

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

QQQX

at

Common

Share

NAV

1/30/07

28.24%

20.02%

8.56%

12.04%

QQQX

at

Common

Share

Price

1/30/07

26.38%

24.12%

6.43%

12.54%

Nasdaq

100®

Index

—

39.35%

33.13%

17.66%

19.22%

QQQX

Blended

Benchmark

—

28.04%

22.72%

10.83%

12.83%

17

Holdings

Summaries

as

of

June

30,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99.4‌%

Exchange-Traded

Funds

1.4‌%

Options

Purchased

0.0‌%

Investments

Purchased

with

Collateral

from

Securities

Lending

0.0‌%

Repurchase

Agreements

1.7‌%

Other

Assets

&

Liabilities,

Net

(2.5)%

Net

Assets

100‌%

Portfolio

Composition

1

(%

of

total

investments)

Software

19.6%

Technology

Hardware,

Storage

&

Peripherals

14.7%

Semiconductors

&

Semiconductor

Equipment

13.0%

Interactive

Media

&

Services

12.8%

Broadline

Retail

6.7%

Automobiles

4.4%

Biotechnology

3.1%

Media

2.4%

Hotels,

Restaurants

&

Leisure

2.4%

Communications

Equipment

2.2%

Financial

Services

1.9%

Beverages

1.6%

Food

Products

1.2%

Consumer

Staples

Distribution

&

Retail

1.2%

Life

Sciences

Tools

&

Services

1.1%

Health

Care

Equipment

&

Supplies

0.9%

Capital

Markets

0.8%

Specialty

Retail

0.7%

Electric

Utilities

0.6%

Machinery

0.6%

Entertainment

0.5%

Ground

Transportation

0.4%

Distributors

0.4%

Other

3.8%

Exchange-Traded

Funds

1.3%

Options

Purchased

0.0%

Investments

Purchased

with

Collateral

from

Securities

Lending

0.0%

Repurchase

Agreements

1.7%

Total

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Microsoft

Corp

15.1%

Apple

Inc

15.0%

Amazon.com

Inc

6.9%

Alphabet

Inc,

Class

A

5.0%

Meta

Platforms

Inc

4.6%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

18

Nuveen

Core

Equity

Alpha

Fund

Performance

Overview

and

Holding

Summaries

as

of

June

30,

2023

JCE

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

JCE

Blended

Benchmark.

The

Fund’s

Blended

Benchmark

consists

of:

1)

50%

S&P

500

®

Index

and

2)

50%

Chicago

Board

Options

Exchange

(Cboe)

S&P

500

®

BuyWrite

Index

(BXM

SM

).

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

June

30,

2023

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

JCE

at

Common

Share

NAV

3/27/07

15.31%

16.08%

8.48%

9.92%

JCE

at

Common

Share

Price

3/27/07

(0.84)%

12.65%

7.77%

10.67%

S&P

500®

Index

—

16.89%

19.59%

12.31%

12.86%

JCE

Blended

Benchmark

—

13.68%

14.33%

8.40%

9.59%

19

Holdings

Summaries

as

of

June

30,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

d

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99

.9‌

%

Exchange-Traded

Funds

1

.1‌

%

Options

Purchased

0

.0‌

%

Repurchase

Agreements

2

.6‌

%

Other

Assets

&

Liabilities,

Net

(3.6)%

Net

Assets

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Software

12.9%

Technology

Hardware,

Storage

&

Peripherals

8.2%

Interactive

Media

&

Services

6.4%

Pharmaceuticals

5.3%

Health

Care

Providers

&

Services

5.0%

Semiconductors

&

Semiconductor

Equipment

4.8%

Financial

Services

4.7%

Broadline

Retail

3.5%

Oil,

Gas

&

Consumable

Fuels

3.4%

Specialty

Retail

3.3%

Life

Sciences

Tools

&

Services

3.3%

Aerospace

&

Defense

2.6%

Health

Care

Equipment

&

Supplies

2.5%

Machinery

2.1%

Chemicals

1.9%

Beverages

1.9%

Hotels,

Restaurants

&

Leisure

1.9%

Household

Products

1.9%

Consumer

Staples

Distribution

&

Retail

1.8%

Banks

1.6%

Electrical

Equipment

1.4%

Professional

Services

1.3%

Communications

Equipment

1.2%

Commercial

Services

&

Supplies

1.1%

Other

12.5%

Exchange-Traded

Funds

1.0%

Options

Purchased

0.0%

Repurchase

Agreements

2.5%

Total

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Apple

Inc

8.5%

Microsoft

Corp

6.8%

Amazon.com

Inc

3.7%

NVIDIA

Corp

3.1%

Meta

Platforms

Inc

2.5%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

20

Nuveen

S&P

500

Buy-Write

Income

Fund

Portfolio

of

Investments

June

30,

2023

(Unaudited)

BXMX

vb

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

100.9%   

X

–

COMMON

STOCKS

-

100.9%

(2)

X

1,447,208,221

Aerospace

&

Defense

-

1.8%

25,882

Boeing

Co/The

(3)

$

5,465,243

9,566

HEICO

Corp

1,692,608

71,126

Howmet

Aerospace

Inc

3,525,005

9,120

Northrop

Grumman

Corp

4,156,896

99,428

Raytheon

Technologies

Corp

9,739,967

4,597

Woodward

Inc

546,629

Total

Aerospace

&

Defense

25,126,348

Air

Freight

&

Logistics

-

0.6%

50,671

United

Parcel

Service

Inc,

Class

B

9,082,777

Total

Air

Freight

&

Logistics

9,082,777

Automobile

Components

-

0.1%

50,606

Gentex

Corp

1,480,731

9,851

Goodyear

Tire

&

Rubber

Co/The

(3)

134,762

Total

Automobile

Components

1,615,493

Automobiles

-

2.3%

277,036

Ford

Motor

Co

4,191,555

16,446

Harley-Davidson

Inc

579,064

107,315

Tesla

Inc

(3)

28,091,847

Total

Automobiles

32,862,466

Banks

-

2.9%

341,219

Bank

of

America

Corp

9,789,573

124,092

Citigroup

Inc

5,713,196

26,341

Comerica

Inc

1,115,805

69,706

Fifth

Third

Bancorp

1,826,994

51,859

First

Horizon

Corp

584,451

128,335

JPMorgan

Chase

&

Co

18,665,042

148,632

KeyCorp

1,373,360

14,051

M&T

Bank

Corp

1,738,952

31,763

Zions

Bancorp

NA

853,154

Total

Banks

41,660,527

Beverages

-

1.6%

247,954

Coca-Cola

Co/The

14,931,790

117,502

Keurig

Dr

Pepper

Inc

3,674,287

80,074

Monster

Beverage

Corp

(3)

4,599,451

Total

Beverages

23,205,528

Biotechnology

-

1.9%

78,698

AbbVie

Inc

10,602,981

1,757

Alnylam

Pharmaceuticals

Inc

(3)

333,725

28,228

Amgen

Inc

6,267,181

9,647

Biogen

Inc

(3)

2,747,948

9,243

BioMarin

Pharmaceutical

Inc

(3)

801,183

2,000

Exact

Sciences

Corp

(3)

187,800

67,257

Gilead

Sciences

Inc

5,183,497

3,110

Horizon

Therapeutics

Plc

(3)

319,863

1,684

Seagen

Inc

(3)

324,103

Total

Biotechnology

26,768,281

21

Shares

Description

(1)

Value

Broadline

Retail

-

3.3%

354,634

Amazon.com

Inc

(3)

$

46,230,088

2,509

JD.com

Inc,

ADR

85,632

12,760

Macy's

Inc

204,798

173

MercadoLibre

Inc

(3)

204,936

16,563

Nordstrom

Inc

339,045

Total

Broadline

Retail

47,064,499

Building

Products

-

0.4%

17,715

Allegion

plc

2,126,154

23,666

Fortune

Brands

Innovations

Inc

1,702,769

43,726

Masco

Corp

2,508,998

Total

Building

Products

6,337,921

Capital

Markets

-

2.6%

11,264

Blackstone

Inc

1,047,214

71,247

Charles

Schwab

Corp/The

4,038,280

23,102

CME

Group

Inc

4,280,570

44,488

Intercontinental

Exchange

Inc

5,030,703

53,398

Jefferies

Financial

Group

Inc

1,771,212

27,800

KKR

&

Co

Inc

1,556,800

4,247

LPL

Financial

Holdings

Inc

923,425

84,152

Morgan

Stanley

7,186,581

8,344

MSCI

Inc

3,915,756

19,659

S&P

Global

Inc

7,881,096

Total

Capital

Markets

37,631,637

Chemicals

-

1.8%

16,669

Chemours

Co/The

614,919

52,881

Corteva

Inc

3,030,081

93,269

Dow

Inc

4,967,507

50,400

DuPont

de

Nemours

Inc

3,600,576

23,362

Eastman

Chemical

Co

1,955,867

23,857

Linde

PLC

9,091,426

10,656

Olin

Corp

547,612

14,399

RPM

International

Inc

1,292,022

Total

Chemicals

25,100,010

Commercial

Services

&

Supplies

-

0.6%

14,179

Waste

Connections

Inc

2,026,604

37,983

Waste

Management

Inc

6,587,012

Total

Commercial

Services

&

Supplies

8,613,616

Communications

Equipment

-

0.9%

19,049

Ciena

Corp

(3)

809,392

220,344

Cisco

Systems

Inc

11,400,599

5,140

Lumentum

Holdings

Inc

(3)

291,592

27,916

Viavi

Solutions

Inc

(3)

316,288

Total

Communications

Equipment

12,817,871

Construction

Materials

-

0.4%

11,251

Martin

Marietta

Materials

Inc

5,194,474

Total

Construction

Materials

5,194,474

Consumer

Finance

-

0.5%

54,263

Discover

Financial

Services

6,340,632

89,957

SLM

Corp

1,468,098

Total

Consumer

Finance

7,808,730

Nuveen

S&P

500

Buy-Write

Income

Fund

(continued)

Portfolio

of

Investments

June

30,

2023

(Unaudited)

22

BXMX

Shares

Description

(1)

Value

Consumer

Staples

Distribution

&

Retail

-

1.9%

4,507

Casey's

General

Stores

Inc

$

1,099,167

22,194

Costco

Wholesale

Corp

11,948,806

31,203

Target

Corp

4,115,676

15,913

US

Foods

Holding

Corp

(3)

700,172

57,820

Walmart

Inc

9,088,147

Total

Consumer

Staples

Distribution

&

Retail

26,951,968

Containers

&

Packaging

-

0.2%

9,313

Avery

Dennison

Corp

1,599,973

7,888

Crown

Holdings

Inc

685,231

18,945

Sonoco

Products

Co

1,118,134

Total

Containers

&

Packaging

3,403,338

Distributors

-

0.2%

51,888

LKQ

Corp

3,023,514

Total

Distributors

3,023,514

Diversified

Telecommunication

Services

-

0.7%

289,276

Verizon

Communications

Inc

10,758,174

Total

Diversified

Telecommunication

Services

10,758,174

Electric

Utilities

-

1.2%

58,152

Evergy

Inc

3,397,240

117,389

NextEra

Energy

Inc

8,710,264

74,176

OGE

Energy

Corp

2,663,660

29,198

Pinnacle

West

Capital

Corp

2,378,469

Total

Electric

Utilities

17,149,633

Electrical

Equipment

-

0.7%

46,441

Emerson

Electric

Co

4,197,802

8,860

Hubbell

Inc

2,937,621

10,242

Rockwell

Automation

Inc

3,374,227

Total

Electrical

Equipment

10,509,650

Electronic

Equipment,

Instruments

&

Components

-

0.6%

20,728

CDW

Corp/DE

3,803,588

123,423

Corning

Inc

4,324,742

Total

Electronic

Equipment,

Instruments

&

Components

8,128,330

Energy

Equipment

&

Services

-

0.5%

111,723

Halliburton

Co

3,685,742

77,600

Schlumberger

NV

3,811,712

Total

Energy

Equipment

&

Services

7,497,454

Entertainment

-

1.2%

19,486

Netflix

Inc

(3)

8,583,388

1,091

Roku

Inc

(3)

69,780

93,635

Walt

Disney

Co/The

(3)

8,359,733

Total

Entertainment

17,012,901

Financial

Services

-

4.8%

86,707

Berkshire

Hathaway

Inc,

Class

B

(3)

29,567,087

10,543

Block

Inc

(3)

701,848

61,048

Fidelity

National

Information

Services

Inc

3,339,326

32,297

Mastercard

Inc,

Class

A

12,702,410

48,313

MGIC

Investment

Corp

762,862

55,304

PayPal

Holdings

Inc

(3)

3,690,436

75,786

Visa

Inc,

Class

A

17,997,659

Total

Financial

Services

68,761,628

23

Shares

Description

(1)

Value

Food

Products

-

0.9%

45,346

Hormel

Foods

Corp

$

1,823,816

132,012

Mondelez

International

Inc,

Class

A

9,628,955

12,100

Post

Holdings

Inc

(3)

1,048,465

Total

Food

Products

12,501,236

Gas

Utilities

-

0.3%

33,294

Atmos

Energy

Corp

3,873,424

2,933

National

Fuel

Gas

Co

150,639

Total

Gas

Utilities

4,024,063

Ground

Transportation

-

0.8%

23,404

Canadian

Pacific

Railway

Ltd

1,890,341

4,425

Lyft

Inc,

Class

A

(3)

42,436

21,947

Norfolk

Southern

Corp

4,976,702

11,774

Old

Dominion

Freight

Line

Inc

4,353,436

15,588

Uber

Technologies

Inc

(3)

672,934

Total

Ground

Transportation

11,935,849

Health

Care

Equipment

&

Supplies

-

2.4%

96,418

Abbott

Laboratories

10,511,490

30,144

Alcon

Inc

2,475,124

43,732

Baxter

International

Inc

1,992,430

116,361

Boston

Scientific

Corp

(3)

6,293,967

20,181

GE

HealthCare

Technologies

Inc

1,639,504

8,009

IDEXX

Laboratories

Inc

(3)

4,022,360

82,736

Medtronic

PLC

7,289,042

Total

Health

Care

Equipment

&

Supplies

34,223,917

Health

Care

Providers

&

Services

-

2.9%

20,430

Cigna

Group/The

5,732,658

63,378

CVS

Health

Corp

4,381,321

14,592

Elevance

Health

Inc

6,483,080

16,250

HCA

Inc

4,931,550

42,162

UnitedHealth

Group

Inc

20,264,744

Total

Health

Care

Providers

&

Services

41,793,353

Health

Care

REITs

-

0.1%

42,198

Healthcare

Realty

Trust

Inc

795,854

8,339

Sabra

Health

Care

REIT

Inc

98,150

Total

Health

Care

REITs

894,004

Health

Care

Technology

-

0.1%

6,833

Veeva

Systems

Inc,

Class

A

(3)

1,351,089

Total

Health

Care

Technology

1,351,089

Hotels,

Restaurants

&

Leisure

-

2.0%

2,484

Booking

Holdings

Inc

(3)

6,707,620

29,264

Marriott

International

Inc/MD,

Class

A

5,375,504

34,766

McDonald's

Corp

10,374,522

16,077

Restaurant

Brands

International

Inc

1,246,289

51,807

Starbucks

Corp

5,132,001

Total

Hotels,

Restaurants

&

Leisure

28,835,936

Household

Durables

-

0.4%

23,148

Garmin

Ltd

(3)

2,414,105

32,919

KB

Home

1,702,241

6,575

TopBuild

Corp

(3)

1,749,082

Total

Household

Durables

5,865,428

Nuveen

S&P

500

Buy-Write

Income

Fund

(continued)

Portfolio

of

Investments

June

30,

2023

(Unaudited)

24

BXMX

Shares

Description

(1)

Value

Household

Products

-

1.4%

131,517

Procter

&

Gamble

Co/The

$

19,956,390

6,327

Spectrum

Brands

Holdings

Inc

493,822

Total

Household

Products

20,450,212

Industrial

Conglomerates

-

1.0%

44,459

General

Electric

Co

4,883,821

46,062

Honeywell

International

Inc

9,557,865

Total

Industrial

Conglomerates

14,441,686

Industrial

REITs

-

0.0%

19,823

LXP

Industrial

Trust

193,274

Total

Industrial

REITs

193,274

Insurance

-

2.0%

28,004

Allstate

Corp/The

3,053,556

34,937

Arthur

J

Gallagher

&

Co

7,671,117

37,130

CNO

Financial

Group

Inc

878,867

23,577

Fidelity

National

Financial

Inc

848,772

73,651

Hartford

Financial

Services

Group

Inc/The

5,304,345

9,393

Lincoln

National

Corp

241,964

3,360

RenaissanceRe

Holdings

Ltd

626,707

32,951

Travelers

Cos

Inc/The

5,722,271

71,665

W

R

Berkley

Corp

4,268,367

Total

Insurance

28,615,966

Interactive

Media

&

Services

-

5.6%

268,491

Alphabet

Inc,

Class

A

(3)

32,138,373

186,111

Alphabet

Inc,

Class

C

(3)

22,513,848

90,192

Meta

Platforms

Inc

(3)

25,883,300

Total

Interactive

Media

&

Services

80,535,521

IT

Services

-

1.0%

29,105

Accenture

PLC,

Class

A

8,981,221

20,604

Akamai

Technologies

Inc

(3)

1,851,681

6,661

Shopify

Inc,

Class

A

(3)

430,301

14,844

VeriSign

Inc

(3)

3,354,299

Total

IT

Services

14,617,502

Leisure

Products

-

0.1%

25,861

Mattel

Inc

(3)

505,324

6,048

Polaris

Inc

731,385

Total

Leisure

Products

1,236,709

Life

Sciences

Tools

&

Services

-

1.4%

7,173

ICON

PLC

(3)

1,794,684

25,063

Thermo

Fisher

Scientific

Inc

13,076,620

17,090

Waters

Corp

(3)

4,555,169

Total

Life

Sciences

Tools

&

Services

19,426,473

Machinery

-

1.6%

29,025

Caterpillar

Inc

7,141,601

31,851

Graco

Inc

2,750,334

68,566

Otis

Worldwide

Corp

6,103,059

15,767

Parker-Hannifin

Corp

6,149,761

10,383

Timken

Co/The

950,356

Total

Machinery

23,095,111

25

Shares

Description

(1)

Value

Media

-

0.8%

216,324

Comcast

Corp,

Class

A

$

8,988,262

17,899

New

York

Times

Co/The,

Class

A

704,863

78,489

News

Corp,

Class

A

1,530,535

Total

Media

11,223,660

Metals

&

Mining

-

0.3%

15,262

Arconic

Corp

(3)

451,450

20,588

Nucor

Corp

3,376,020

Total

Metals

&

Mining

3,827,470

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.0%

26,095

Annaly

Capital

Management

Inc

522,161

Total

Mortgage

Real

Estate

Investment

Trusts

(REITs)

522,161

Multi-Utilities

-

1.2%

94,621

Ameren

Corp

7,727,697

17,519

NorthWestern

Corp

994,379

93,763

WEC

Energy

Group

Inc

8,273,647

Total

Multi-Utilities

16,995,723

Office

REITs

-

0.1%

51,595

Equity

Commonwealth

1,045,315

Total

Office

REITs

1,045,315

Oil,

Gas

&

Consumable

Fuels

-

3.7%

44,283

Cenovus

Energy

Inc

751,925

8,394

Cheniere

Energy

Inc

1,278,910

77,267

Chevron

Corp

12,157,962

9,675

CNX

Resources

Corp

(3)

171,441

64,103

ConocoPhillips

6,641,712

177,171

Exxon

Mobil

Corp

19,001,590

25,709

Hess

Corp

3,495,138

30,656

Marathon

Petroleum

Corp

3,574,490

4,558

Ovintiv

Inc

173,523

36,344

Phillips

66

3,466,491

60,610

Suncor

Energy

Inc

1,777,085

Total

Oil,

Gas

&

Consumable

Fuels

52,490,267

Passenger

Airlines

-

0.2%

68,557

American

Airlines

Group

Inc

(3)

1,229,913

36,282

United

Airlines

Holdings

Inc

(3)

1,990,793

Total

Passenger

Airlines

3,220,706

Personal

Care

Products

-

0.0%

15,340

BellRing

Brands

Inc

(3)

561,444

Total

Personal

Care

Products

561,444

Pharmaceuticals

-

4.6%

116,840

Bristol-Myers

Squibb

Co

7,471,918

36,480

Eli

Lilly

&

Co

17,108,391

112,159

Johnson

&

Johnson

18,564,558

112,570

Merck

&

Co

Inc

12,989,452

261,190

Pfizer

Inc

9,580,449

Total

Pharmaceuticals

65,714,768

Professional

Services

-

1.2%

28,578

Automatic

Data

Processing

Inc

6,281,159

9,115

Booz

Allen

Hamilton

Holding

Corp

1,017,234

15,971

Broadridge

Financial

Solutions

Inc

2,645,277

Nuveen

S&P

500

Buy-Write

Income

Fund

(continued)

Portfolio

of

Investments

June

30,

2023

(Unaudited)

26

BXMX

Shares

Description

(1)

Value

Professional

Services

(continued)

29,484

CoStar

Group

Inc

(3)

$

2,624,076

9,803

ManpowerGroup

Inc

778,358

52,470

SS&C

Technologies

Holdings

Inc

3,179,682

11,679

TransUnion

914,816

Total

Professional

Services

17,440,602

Residential

REITs

-

1.0%

123,237

American

Homes

4

Rent,

Class

A

4,368,752

17,121

Apartment

Income

REIT

Corp

617,897

53,114

Apartment

Investment

and

Management

Co,

Class

A

452,531

162,480

Invitation

Homes

Inc

5,589,312

24,490

Sun

Communities

Inc

3,194,965

Total

Residential

REITs

14,223,457

Semiconductors

&

Semiconductor

Equipment

-

7.3%

76,406

Advanced

Micro

Devices

Inc

(3)

8,703,407

56,923

Applied

Materials

Inc

8,227,650

20,036

Broadcom

Inc

17,379,828

9,062

Lam

Research

Corp

5,825,597

32,109

Marvell

Technology

Inc

1,919,476

62,434

Micron

Technology

Inc

3,940,210

99,405

NVIDIA

Corp

42,050,303

26,440

NXP

Semiconductors

NV

5,411,739

36,779

ON

Semiconductor

Corp

(3)

3,478,558

64,822

QUALCOMM

Inc

7,716,411

Total

Semiconductors

&

Semiconductor

Equipment

104,653,179

Software

-

10.5%

21,139

Adobe

Inc

(3)

10,336,760

18,415

Autodesk

Inc

(3)

3,767,893

16,990

Black

Knight

Inc

(3)

1,014,813

10,744

Check

Point

Software

Technologies

Ltd

(3)

1,349,661

45,484

Fortinet

Inc

(3)

3,438,136

296,626

Microsoft

Corp

101,013,018

81,715

Oracle

Corp

9,731,439

4,536

Palo

Alto

Networks

Inc

(3)

1,158,993

46,556

Salesforce

Inc

(3)

9,835,421

10,782

ServiceNow

Inc

(3)

6,059,160

16,155

VMware

Inc,

Class

A

(3)

2,321,312

Total

Software

150,026,606

Specialized

REITs

-

0.9%

31,872

American

Tower

Corp

6,181,256

55,269

CubeSmart

2,468,313

142,164

Weyerhaeuser

Co

4,763,916

Total

Specialized

REITs

13,413,485

Specialty

Retail

-

2.0%

8,358

American

Eagle

Outfitters

Inc

98,624

21,542

Best

Buy

Co

Inc

1,765,367

2,461

Burlington

Stores

Inc

(3)

387,337

4,252

Dick's

Sporting

Goods

Inc

562,072

4,736

Five

Below

Inc

(3)

930,813

50,051

Home

Depot

Inc/The

15,547,843

29,953

Lowe's

Cos

Inc

6,760,392

6,237

Ulta

Beauty

Inc

(3)

2,935,101

Total

Specialty

Retail

28,987,549

27

Investments

in

Derivatives

Shares

Description

(1)

Value

Technology

Hardware,

Storage

&

Peripherals

-

8.2%

597,308

Apple

Inc

$

115,859,833

26,933

Dell

Technologies

Inc,

Class

C

1,457,344

Total

Technology

Hardware,

Storage

&

Peripherals

117,317,177

Textiles,

Apparel

&

Luxury

Goods

-

0.5%

6,689

Kontoor

Brands

Inc

281,607

3,315

Lululemon

Athletica

Inc

(3)

1,254,728

56,404

NIKE

Inc,

Class

B

6,225,309

Total

Textiles,

Apparel

&

Luxury

Goods

7,761,644

Tobacco

-

0.7%

213,221

Altria

Group

Inc

9,658,911

Total

Tobacco

9,658,911

Total

Common

Stocks

(cost

$532,120,102)

1,447,208,221

Total

Long-Term

Investments

(cost

$532,120,102)

1,447,208,221

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 2.9%  

X

–

REPURCHASE

AGREEMENTS

-

2.9%

X

41,111,132

$

36,920

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

6/30/23,

repurchase

price

$36,935,414,

collateralized

by

$38,195,600,

U.S.

Treasury

Note,

3.750%,

due

6/30/30,

value

$37,658,474

5.010%

7/03/23

$

36,920,000

4,191

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

6/30/23,

repurchase

price

$4,191,663,

collateralized

by

$4,885,000,

U.S.

Treasury

Note,

1.500%,

due

11/30/28,

value

$4,275,038

1.520%

7/03/23

4,191,132

Total

Repurchase

Agreements

(cost

$41,111,132)

41,111,132

Total

Short-Term

Investments

(cost

$41,111,132)

41,111,132

Total

Investments

(cost

$573,231,234

)

-

103.8%

1,488,319,353

Other

Assets

&

Liabilities,

Net

-   (3.8)%(4)

(54,910,208)

Net

Assets

Applicable

to

Common

Shares

-

100%

$

1,433,409,145

Options

Written

Description

Type

Number

of

Contracts

Notional

Amount

(5)

Exercise

Price

Expiration

Date

Value

S&P

500

Index

Call

(358)

$

(153,940,000)

$

4,300

8/18/23

$

(7,029,330)

S&P

500

Index

Call

(716)

(309,670,000)

4,325

8/18/23

(12,562,220)

S&P

500

Index

Call

(358)

(155,730,000)

4,350

8/18/23

(5,550,790)

S&P

500

Index

Call

(358)

(161,100,000)

4,500

8/18/23

(2,502,420)

S&P

500

Index

Call

(358)

(160,205,000)

4,475

8/31/23

(3,003,620)

S&P

500

Index

Call

(358)

(158,415,000)

4,425

9/15/23

(4,705,910)

S&P

500

Index

Call

(358)

(161,100,000)

4,500

9/15/23

(3,014,360)

S&P

500

Index

Call

(358)

(162,890,000)

4,550

9/15/23

(2,119,360)

Total

Options

Written

(premiums

received

$27,664,169)

(3,222)

$(1,423,050,000)

$(40,488,010)

Nuveen

S&P

500

Buy-Write

Income

Fund

(continued)

Portfolio

of

Investments

June

30,

2023

(Unaudited)

28

BXMX

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(2)

The

Fund

may

designate

up

to

100%

of

its

common

stock

investments

to

cover

outstanding

options

written.

(3)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(4)

Other

assets

less

liabilities

includes

the

unrealized

appreciation

(depreciation)

of

certain

over-the-counter

(“OTC”)

derivatives

as

presented

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

The

unrealized

appreciation

(depreciation)

of

OTC

cleared

and

exchange-traded

derivatives

is

recognized

as

part

of

the

cash

collateral

at

brokers

and/or

the

receivable

or

payable

for

variation

margin

as

presented

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

(5)

For

disclosure

purposes,

Notional

Amount

is

calculated

by

multiplying

the

Number

of

Contracts

by

the

Exercise

Price

by

100.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

See

Notes

to

Financial

Statements

29

Nuveen

Dow

30

SM

Dynamic

Overwrite

Fund

Portfolio

of

Investments

June

30,

2023

(Unaudited)

DIAX

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

100.8%   

X

–

COMMON

STOCKS

-

99.9%

X

574,106,256

Aerospace

&

Defense

-

4.0%

109,970

Boeing

Co/The

(2)

$

23,221,265

Total

Aerospace

&

Defense

23,221,265

Banks

-

2.8%

109,970

JPMorgan

Chase

&

Co

15,994,037

Total

Banks

15,994,037

Beverages

-

1.2%

109,970

Coca-Cola

Co/The

6,622,393

Total

Beverages

6,622,393

Biotechnology

-

4.3%

109,970

Amgen

Inc

(3)

24,415,539

Total

Biotechnology

24,415,539

Capital

Markets

-

6.2%

109,970

Goldman

Sachs

Group

Inc

/The

(3)

35,469,724

Total

Capital

Markets

35,469,724

Chemicals

-

1.0%

109,969

Dow

Inc

5,856,949

Total

Chemicals

5,856,949

Communications

Equipment

-

1.0%

109,970

Cisco

Systems

Inc

5,689,848

Total

Communications

Equipment

5,689,848

Consumer

Finance

-

3.3%

109,970

American

Express

Co

19,156,774

Total

Consumer

Finance

19,156,774

Consumer

Staples

Distribution

&

Retail

-

3.6%

109,970

Walgreens

Boots

Alliance

Inc

3,133,045

109,970

Walmart

Inc

17,285,085

Total

Consumer

Staples

Distribution

&

Retail

20,418,130

Diversified

Telecommunication

Services

-

0.7%

109,970

Verizon

Communications

Inc

4,089,784

Total

Diversified

Telecommunication

Services

4,089,784

Entertainment

-

1.7%

109,970

Walt

Disney

Co/The

(2)

9,818,122

Total

Entertainment

9,818,122

Financial

Services

-

4.5%

109,970

Visa

Inc

,

Class

A

26,115,675

Total

Financial

Services

26,115,675

Health

Care

Providers

&

Services

-

9.2%

109,970

UnitedHealth

Group

Inc

52,855,982

Total

Health

Care

Providers

&

Services

52,855,982

Nuveen

Dow

30SM

Dynamic

Overwrite

Fund

(continued)

Portfolio

of

Investments

June

30,

2023

(Unaudited)

30

DIAX

Shares

Description

(1)

Value

Hotels,

Restaurants

&

Leisure

-

5.7%

109,970

McDonald's

Corp

$

32,816,148

Total

Hotels,

Restaurants

&

Leisure

32,816,148

Household

Products

-

2.9%

109,969

Procter

&

Gamble

Co/The

16,686,696

Total

Household

Products

16,686,696

Industrial

Conglomerates

-

5.9%

109,970

3M

Co

11,006,897

109,970

Honeywell

International

Inc

22,818,775

Total

Industrial

Conglomerates

33,825,672

Insurance

-

3.3%

109,970

Travelers

Cos

Inc

/The

19,097,390

Total

Insurance

19,097,390

IT

Services

-

2.6%

109,970

International

Business

Machines

Corp

14,715,086

Total

IT

Services

14,715,086

Machinery

-

4.7%

109,969

Caterpillar

Inc

27,057,872

Total

Machinery

27,057,872

Oil,

Gas

&

Consumable

Fuels

-

3.0%

109,970

Chevron

Corp

17,303,779

Total

Oil,

Gas

&

Consumable

Fuels

17,303,779

Pharmaceuticals

-

5.4%

109,969

Johnson

&

Johnson

18,202,069

109,969

Merck

&

Co

Inc

12,689,323

Total

Pharmaceuticals

30,891,392

Semiconductors

&

Semiconductor

Equipment

-

0.6%

109,970

Intel

Corp

3,677,397

Total

Semiconductors

&

Semiconductor

Equipment

3,677,397

Software

-

10.6%

109,970

Microsoft

Corp

37,449,184

109,970

Salesforce

Inc

(2)

23,232,262

Total

Software

60,681,446

Specialty

Retail

-

5.9%

109,970

Home

Depot

Inc

/The

34,161,081

Total

Specialty

Retail

34,161,081

Technology

Hardware,

Storage

&

Peripherals

-

3.7%

109,969

Apple

Inc

(3)

21,330,687

Total

Technology

Hardware,

Storage

&

Peripherals

21,330,687

Textiles,

Apparel

&

Luxury

Goods

-

2.1%

109,970

NIKE

Inc

,

Class

B

12,137,388

Total

Textiles,

Apparel

&

Luxury

Goods

12,137,388

Total

Common

Stocks

(cost

$228,615,965)

574,106,256

31

Investments

in

Derivatives

Shares

Description

(1)

Value

X

–

EXCHANGE-TRADED

FUNDS

-

0.9%

X

5,286,720

24,000

Vanguard

Total

Stock

Market

ETF

$

5,286,720

Total

Exchange-Traded

Funds

(cost

$4,569,982)

5,286,720

Description

Type

Number

of

Contracts

Notional

Amount

(4)

Exercise

Price

Expiration

Date

Value

OPTIONS

PURCHASED

-

0.0%

X

–

CBOE

Volatility

Index

Call

100

$

300,000

$

30

8/16/23

$

4,250

CBOE

Volatility

Index

Call

100

220,000

22

7/19/23

2,000

General

Mills

Inc

Call

100

900,000

90

7/21/23

250

iShares

U.S.

Home

Construction

ETF

Put

100

750,000

75

7/21/23

642

Total

Options

Purchased

(cost

$47,615)

400

$

2,170,000

7,142

Total

Long-Term

Investments

(cost

$233,233,562)

579,400,118

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 1.8%  

–

REPURCHASE

AGREEMENTS

-

1.8%

X

10,246,686

$

10,247

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

6/30/23,

repurchase

price

$10,247,984,

collateralized

by

$11,942,900,

U.S.

Treasury

Note,

1.500%,

due

11/30/28,

value

$10,451,659

1.520%

7/03/23

$

10,246,686

Total

Repurchase

Agreements

(cost

$10,246,686)

10,246,686

Total

Short-Term

Investments

(cost

$10,246,686)

10,246,686

Total

Investments

(cost

$243,480,248

)

-

102.6%

589,646,804

Other

Assets

&

Liabilities,

Net

-   (2.6)%(5)

(15,104,493)

Net

Assets

Applicable

to

Common

Shares

-

100%

$

574,542,311

Options

Written

Description

Type

Number

of

Contracts

Notional

Amount

(5)

Exercise

Price

Expiration

Date

Value

Invesco

QQQ

Trust

Series

1

Call

(300)

$

(10,200,000)

$

340

7/21/23

$

(919,462)

Russell

2000

Index

Call

(20)

(3,800,000)

1,900

7/21/23

(47,500)

S&P

500

Index

Call

(25)

(10,750,000)

4,300

7/21/23

(413,500)

S&P

500

Index

Call

(80)

(34,600,000)

4,325

7/21/23

(1,134,800)

S&P

500

Index

Call

(60)

(26,100,000)

4,350

7/21/23

(711,000)

S&P

500

Index

Call

(340)

(150,790,000)

4,435

7/21/23

(1,830,900)

S&P

500

Index

Call

(60)

(26,700,000)

4,450

7/21/23

(269,100)

S&P

500

Index

Call

(30)

(13,500,000)

4,500

7/21/23

(66,900)

Total

Options

Written

(premiums

received

$3,450,347)

(915)

$(276,440,000)

$(5,393,162)

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(2)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(3)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives.

(4)

For

disclosure

purposes,

Notional

Amount

is

calculated

by

multiplying

the

Number

of

Contracts

by

the

Exercise

Price

by

100.

Nuveen

Dow

30SM

Dynamic

Overwrite

Fund

(continued)

Portfolio

of

Investments

June

30,

2023

(Unaudited)

32

DIAX

(5)

Other

assets

less

liabilities

includes

the

unrealized

appreciation

(depreciation)

of

certain

over-the-counter

(“OTC”)

derivatives

as

presented

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

The

unrealized

appreciation

(depreciation)

of

OTC

cleared

and

exchange-traded

derivatives

is

recognized

as

part

of

the

cash

collateral

at

brokers

and/or

the

receivable

or

payable

for

variation

margin

as

presented

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

CBOE

Chicago

Board

Options

Exchange

ETF

Exchange-Traded

Fund

S&P

Standard

&

Poor's

See

Notes

to

Financial

Statements

33

Nuveen

S&P

500

Dynamic

Overwrite

Fund

Portfolio

of

Investments

June

30,

2023

(Unaudited)

SPXX

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

100.8%   

X

–

COMMON

STOCKS

-

99.0%

X

288,746,083

Aerospace

&

Defense

-

1.6%

5,759

Boeing

Co/The

(2)

$

1,216,071

1,033

BWX

Technologies

Inc

73,932

341

Curtiss-Wright

Corp

62,628

1,527

HEICO

Corp

270,187

2,947

Lockheed

Martin

Corp

1,356,740

16,848

Raytheon

Technologies

Corp

1,650,430

Total

Aerospace

&

Defense

4,629,988

Air

Freight

&

Logistics

-

0.6%

935

GXO

Logistics

Inc

(2)

58,736

9,091

United

Parcel

Service

Inc,

Class

B

1,629,562

Total

Air

Freight

&

Logistics

1,688,298

Automobile

Components

-

0.3%

890

Adient

PLC

(2)

34,105

606

Fox

Factory

Holding

Corp

(2)

65,757

5,866

Gentex

Corp

171,639

1,876

Goodyear

Tire

&

Rubber

Co/The

(2)

25,664

2,778

Lear

Corp

398,782

742

Visteon

Corp

(2)

106,558

Total

Automobile

Components

802,505

Automobiles

-

1.7%

5,520

Fisker

Inc

(2),(3)

31,133

2,305

Harley-Davidson

Inc

81,159

1,133

Rivian

Automotive

Inc,

Class

A

(2)

18,876

18,449

Tesla

Inc

(2)

4,829,395

1,369

Thor

Industries

Inc

141,691

Total

Automobiles

5,102,254

Banks

-

3.0%

44,693

Bank

of

America

Corp

1,282,242

24,922

Citigroup

Inc

1,147,409

4,563

Columbia

Banking

System

Inc

92,538

1,105

Cullen/Frost

Bankers

Inc

118,821

191

First

Citizens

BancShares

Inc/NC,

Class

A

245,139

4,948

First

Horizon

Corp

55,764

28,382

JPMorgan

Chase

&

Co

4,127,878

4,106

New

York

Community

Bancorp

Inc

46,151

1,095

Synovus

Financial

Corp

33,124

650

Texas

Capital

Bancshares

Inc

(2)

33,475

2,227

Webster

Financial

Corp

84,069

32,799

Wells

Fargo

&

Co

1,399,861

1,884

Wintrust

Financial

Corp

136,816

Total

Banks

8,803,287

Beverages

-

2.0%

188

Boston

Beer

Co

Inc/The,

Class

A

(2)

57,987

46,630

Coca-Cola

Co/The

2,808,059

16,493

PepsiCo

Inc

3,054,833

Total

Beverages

5,920,879

Nuveen

S&P

500

Dynamic

Overwrite

Fund

(continued)

Portfolio

of

Investments

June

30,

2023

(Unaudited)

34

SPXX

Shares

Description

(1)

Value

Biotechnology

-

2.0%

16,944

AbbVie

Inc

$

2,282,865

2,527

Alkermes

PLC

(2)

79,095

221

Alnylam

Pharmaceuticals

Inc

(2)

41,977

6,353

Amgen

Inc

1,410,493

1,362

BioMarin

Pharmaceutical

Inc

(2)

118,058

1,713

Exact

Sciences

Corp

(2)

160,851

4,414

Exelixis

Inc

(2)

84,352

1,972

Halozyme

Therapeutics

Inc

(2)

71,130

910

Horizon

Therapeutics

Plc

(2)

93,593

787

Ionis

Pharmaceuticals

Inc

(2)

32,291

462

Mirati

Therapeutics

Inc

(2)

16,692

171

Neurocrine

Biosciences

Inc

(2)

16,125

632

Sarepta

Therapeutics

Inc

(2)

72,377

790

Seagen

Inc

(2)

152,043

798

United

Therapeutics

Corp

(2)

176,159

2,719

Vertex

Pharmaceuticals

Inc

(2)

956,843

Total

Biotechnology

5,764,944

Broadline

Retail

-

3.5%

77,160

Amazon.com

Inc

(2),(4)

10,058,578

3,604

Macy's

Inc

57,844

17

MercadoLibre

Inc

(2)

20,138

866

PDD

Holdings

Inc

(2)

59,875

Total

Broadline

Retail

10,196,435

Building

Products

-

0.3%

947

Carlisle

Cos

Inc

242,934

998

Fortune

Brands

Innovations

Inc

71,806

936

Lennox

International

Inc

305,202

2,476

Owens

Corning

323,118

397

Trex

Co

Inc

(2)

26,027

Total

Building

Products

969,087

Capital

Markets

-

2.7%

1,644

BlackRock

Inc

1,136,234

15,100

Charles

Schwab

Corp/The

855,868

820

Coinbase

Global

Inc,

Class

A

(2)

58,671

4,325

Goldman

Sachs

Group

Inc/The

1,394,986

962

Interactive

Brokers

Group

Inc,

Class

A

79,913

8,753

Intercontinental

Exchange

Inc

989,789

1,228

Janus

Henderson

Group

PLC

33,463

3,908

KKR

&

Co

Inc

218,848

508

LPL

Financial

Holdings

Inc

110,455

15,489

Morgan

Stanley

1,322,761

3,649

Robinhood

Markets

Inc,

Class

A

(2)

36,417

3,662

S&P

Global

Inc

1,468,059

1,119

Tradeweb

Markets

Inc,

Class

A

76,629

Total

Capital

Markets

7,782,093

Chemicals

-

1.2%

2,733

Ashland

Inc

237,525

7,632

Axalta

Coating

Systems

Ltd

(2)

250,406

3,066

Cabot

Corp

205,085

7,188

Chemours

Co/The

265,165

15,298

Element

Solutions

Inc

293,722

3,334

HB

Fuller

Co

238,414

12,046

Huntsman

Corp

325,483

1,130

Ingevity

Corporation

(2)

65,721

765

Minerals

Technologies

Inc

44,133

152

NewMarket

Corp

61,122

35

Shares

Description

(1)

Value

Chemicals

(continued)

5,989

Olin

Corp

$

307,775

4,452

RPM

International

Inc

399,478

3,550

Scotts

Miracle-Gro

Co/The

222,549

1,517

Sensient

Technologies

Corp

107,904

577

Stepan

Co

55,138

8,818

Tronox

Holdings

PLC

112,077

6,256

Valvoline

Inc

234,663

1,794

Westlake

Corp

214,329

Total

Chemicals

3,640,689

Commercial

Services

&

Supplies

-

0.1%

638

Clean

Harbors

Inc

(2)

104,906

2,741

GEO

Group

Inc/The

(2)

19,626

1,061

RB

Global

Inc

63,660

Total

Commercial

Services

&

Supplies

188,192

Communications

Equipment

-

0.8%

3,370

Ciena

Corp

(2)

143,191

44,070

Cisco

Systems

Inc

2,280,182

851

Lumentum

Holdings

Inc

(2)

48,277

Total

Communications

Equipment

2,471,650

Construction

&

Engineering

-

0.1%

740

EMCOR

Group

Inc

136,737

595

MasTec

Inc

(2)

70,192

54

Valmont

Industries

Inc

15,717

3,189

WillScot

Mobile

Mini

Holdings

Corp

(2)

152,402

Total

Construction

&

Engineering

375,048

Consumer

Finance

-

0.4%

1,817

Ally

Financial

Inc

49,077

6,691

American

Express

Co

1,165,572

12,265

SoFi

Technologies

Inc

(2)

102,290

Total

Consumer

Finance

1,316,939

Consumer

Staples

Distribution

&

Retail

-

2.0%

4,784

Albertsons

Cos

Inc,

Class

A

104,387

2,512

BJ's

Wholesale

Club

Holdings

Inc

(2)

158,281

362

Casey's

General

Stores

Inc

88,285

4,411

Costco

Wholesale

Corp

2,374,794

826

Performance

Food

Group

Co

(2)

49,758

5,646

Target

Corp

744,708

2,236

US

Foods

Holding

Corp

(2)

98,384

13,662

Walmart

Inc

2,147,393

Total

Consumer

Staples

Distribution

&

Retail

5,765,990

Containers

&

Packaging

-

0.4%

3,411

Berry

Global

Group

Inc

219,464

4,265

Crown

Holdings

Inc

370,501

10,647

Graphic

Packaging

Holding

Co

255,847

974

Silgan

Holdings

Inc

45,671

2,568

Sonoco

Products

Co

151,563

Total

Containers

&

Packaging

1,043,046

Diversified

Consumer

Services

-

0.0%

477

Bright

Horizons

Family

Solutions

Inc

(2)

44,099

1,227

Service

Corp

International/US

79,252

Total

Diversified

Consumer

Services

123,351

Nuveen

S&P

500

Dynamic

Overwrite

Fund

(continued)

Portfolio

of

Investments

June

30,

2023

(Unaudited)

36

SPXX

Shares

Description

(1)

Value

Diversified

REITs

-

0.0%

2,063

WP

Carey

Inc

$

139,376

Total

Diversified

REITs

139,376

Diversified

Telecommunication

Services

-

0.5%

20,873

Lumen

Technologies

Inc

47,173

36,333

Verizon

Communications

Inc

1,351,224

Total

Diversified

Telecommunication

Services

1,398,397

Electric

Utilities

-

1.7%

1,162

ALLETE

Inc

67,361

3,089

Avangrid

Inc

116,393

18,646

Duke

Energy

Corp

1,673,292

2,579

IDACORP

Inc

264,605

20,973

NextEra

Energy

Inc

1,556,197

15,831

OGE

Energy

Corp

568,491

730

Otter

Tail

Corp

57,641

3,108

PNM

Resources

Inc

140,171

7,972

Portland

General

Electric

Co

373,329

Total

Electric

Utilities

4,817,480

Electrical

Equipment

-

0.6%

221

Acuity

Brands

Inc

36,041

6,072

Eaton

Corp

PLC

1,221,079

744

Hubbell

Inc

246,681

2,012

Plug

Power

Inc

(2),(3)

20,905

2,872

Sensata

Technologies

Holding

PLC

129,211

Total

Electrical

Equipment

1,653,917

Electronic

Equipment,

Instruments

&

Components

-

0.2%

1,329

Arrow

Electronics

Inc

(2)

190,353

311

Avnet

Inc

15,690

414

IPG

Photonics

Corp

(2)

56,229

2,213

Jabil

Inc

238,849

1,137

National

Instruments

Corp

65,264

Total

Electronic

Equipment,

Instruments

&

Components

566,385

Energy

Equipment

&

Services

-

0.2%

1,887

ChampionX

Corp

58,573

1,072

Dril-Quip

Inc

(2)

24,945

4,054

Liberty

Energy

Inc

54,202

11,967

NOV

Inc

191,951

8,230

TechnipFMC

PLC

(2)

136,783

16,647

Transocean

Ltd

(2)

116,695

Total

Energy

Equipment

&

Services

583,149

Entertainment

-

1.3%

1,257

AMC

Entertainment

Holdings

Inc,

Class

A

(2),(3)

5,531

1,107

Liberty

Media

Corp-Liberty

Formula

One,

Class

A

(2)

74,855

4,304

Netflix

Inc

(2)

1,895,869

1,382

ROBLOX

Corp,

Class

A

(2)

55,694

1,622

Roku

Inc

(2)

103,743

1,223

Spotify

Technology

SA

(2)

196,353

15,560

Walt

Disney

Co/The

(2)

1,389,197

704

World

Wrestling

Entertainment

Inc,

Class

A

76,363

Total

Entertainment

3,797,605

37

Shares

Description

(1)

Value

Financial

Services

-

5.1%

1,672

Affirm

Holdings

Inc

(2)

$

25,632

16,125

Berkshire

Hathaway

Inc,

Class

B

(2)

5,498,625

1,558

Block

Inc

(2)

103,716

3,797

Corebridge

Financial

Inc

67,055

8,363

Equitable

Holdings

Inc

227,139

8,329

Mastercard

Inc,

Class

A

3,275,796

2,768

MGIC

Investment

Corp

43,707

12,890

PayPal

Holdings

Inc

(2)

860,150

440

PennyMac

Financial

Services

Inc

30,936

1,111

Radian

Group

Inc

28,086

13,006

Rocket

Cos

Inc,

Class

A

(2)

116,534

1,592

Toast

Inc,

Class

A

(2)

35,931

16,613

Visa

Inc,

Class

A

3,945,255

5,055

Voya

Financial

Inc

362,494

12,259

Western

Union

Co/The

143,798

Total

Financial

Services

14,764,854

Food

Products

-

0.7%

2,108

Cal-Maine

Foods

Inc

94,860

955

Darling

Ingredients

Inc

(2)

60,920

25,380

Flowers

Foods

Inc

631,454

646

Freshpet

Inc

(2)

42,513

6,303

Hostess

Brands

Inc

(2)

159,592

2,959

Ingredion

Inc

313,506

427

Lancaster

Colony

Corp

85,865

5,129

Pilgrim's

Pride

Corp

(2)

110,222

4,453

Post

Holdings

Inc

(2)

385,853

1,554

Simply

Good

Foods

Co/The

(2)

56,861

1,601

TreeHouse

Foods

Inc

(2)

80,658

Total

Food

Products

2,022,304

Gas

Utilities

-

0.1%

2,448

National

Fuel

Gas

Co

125,729

2,125

New

Jersey

Resources

Corp

100,300

860

Southwest

Gas

Holdings

Inc

54,739

Total

Gas

Utilities

280,768

Ground

Transportation

-

0.8%

183

Avis

Budget

Group

Inc

(2)

41,847

979

Knight-Swift

Transportation

Holdings

Inc

54,393

463

Saia

Inc

(2)

158,536

3,055

Uber

Technologies

Inc

(2)

131,884

8,439

Union

Pacific

Corp

1,726,788

2,805

XPO

Inc

(2)

165,495

Total

Ground

Transportation

2,278,943

Health

Care

Equipment

&

Supplies

-

2.9%

19,910

Abbott

Laboratories

2,170,588

763

Axonics

Inc

(2)

38,509

27,292

Boston

Scientific

Corp

(2)

1,476,224

1,373

CONMED

Corp

186,577

450

Enovis

Corp

(2)

28,854

5,911

Envista

Holdings

Corp

(2)

200,028

2,780

Globus

Medical

Inc,

Class

A

(2)

165,521

581

Haemonetics

Corp

(2)

49,466

885

ICU

Medical

Inc

(2)

157,698

767

Inari

Medical

Inc

(2)

44,593

512

Inspire

Medical

Systems

Inc

(2)

166,216

4,617

Intuitive

Surgical

Inc

(2)

1,578,737

697

Lantheus

Holdings

Inc

(2)

58,492

Nuveen

S&P

500

Dynamic

Overwrite

Fund

(continued)

Portfolio

of

Investments

June

30,

2023

(Unaudited)

38

SPXX

Shares

Description

(1)

Value

Health

Care

Equipment

&

Supplies

(continued)

18,144

Medtronic

PLC

$

1,598,487

683

Merit

Medical

Systems

Inc

(2)

57,126

11,229

Neogen

Corp

(2)

244,231

352

Omnicell

Inc

(2)

25,932

433

Penumbra

Inc

(2)

148,978

689

QuidelOrtho

Corp

(2)

57,091

217

Shockwave

Medical

Inc

(2)

61,934

428

STAAR

Surgical

Co

(2)

22,500

1,122

Tandem

Diabetes

Care

Inc

(2)

27,534

Total

Health

Care

Equipment

&

Supplies

8,565,316

Health

Care

Providers

&

Services

-

3.0%

699

Acadia

Healthcare

Co

Inc

(2)

55,668

655

Amedisys

Inc

(2)

59,893

237

Chemed

Corp

128,376

13,685

CVS

Health

Corp

946,044

2,682

Elevance

Health

Inc

1,191,586

2,253

Encompass

Health

Corp

152,551

494

Enhabit

Inc

(2)

5,681

1,783

Humana

Inc

797,233

1,911

McKesson

Corp

816,589

1,588

Option

Care

Health

Inc

(2)

51,594

2,273

Tenet

Healthcare

Corp

(2)

184,977

8,873

UnitedHealth

Group

Inc

4,264,719

Total

Health

Care

Providers

&

Services

8,654,911

Health

Care

REITs

-

0.1%

6,473

Healthcare

Realty

Trust

Inc

122,081

6,923

Medical

Properties

Trust

Inc

64,107

5,266

Omega

Healthcare

Investors

Inc

161,613

Total

Health

Care

REITs

347,801

Health

Care

Technology

-

0.1%

1,637

Doximity

Inc,

Class

A

(2)

55,691

3,394

Teladoc

Health

Inc

(2)

85,936

1,340

Veeva

Systems

Inc,

Class

A

(2)

264,958

Total

Health

Care

Technology

406,585

Hotel

&

Resort

REITs

-

0.1%

1,633

Pebblebrook

Hotel

Trust

22,764

3,073

RLJ

Lodging

Trust

31,560

940

Ryman

Hospitality

Properties

Inc

87,345

2,605

Service

Properties

Trust

22,638

4,169

Summit

Hotel

Properties

Inc

27,140

2,214

Xenia

Hotels

&

Resorts

Inc

27,254

Total

Hotel

&

Resort

REITs

218,701

Hotels,

Restaurants

&

Leisure

-

2.2%

445

Airbnb

Inc,

Class

A

(2)

57,031

3,034

Aramark

130,614

425

Booking

Holdings

Inc

(2)

1,147,640

2,536

Boyd

Gaming

Corp

175,922

979

DoorDash

Inc,

Class

A

(2)

74,815

4,245

DraftKings

Inc,

Class

A

(2)

112,790

2,846

Hyatt

Hotels

Corp

326,095

972

Marriott

Vacations

Worldwide

Corp

119,284

8,883

McDonald's

Corp

2,650,776

1,641

Planet

Fitness

Inc

(2)

110,669

746

SeaWorld

Entertainment

Inc

(2)

41,783

2,073

Six

Flags

Entertainment

Corp

(2)

53,857

39

Shares

Description

(1)

Value

Hotels,

Restaurants

&

Leisure

(continued)

12,441

Starbucks

Corp

$

1,232,405

855

Travel

+

Leisure

Co

34,491

4,542

Wendy's

Co/The

98,789

Total

Hotels,

Restaurants

&

Leisure

6,366,961

Household

Durables

-

0.4%

10,067

KB

Home

520,564

1,448

Leggett

&

Platt

Inc

42,890

491

Meritage

Homes

Corp

69,855

4,109

Sonos

Inc

(2)

67,100

4,602

Taylor

Morrison

Home

Corp

(2)

224,439

6,710

Tempur

Sealy

International

Inc

268,870

Total

Household

Durables

1,193,718

Household

Products

-

1.2%

22,455

Procter

&

Gamble

Co/The

3,407,322

Total

Household

Products

3,407,322

Independent

Power

and

Renewable

Electricity

Producers

-

0.2%

2,908

Brookfield

Renewable

Corp,

Class

A

91,660

5,568

Clearway

Energy

Inc,

Class

C

159,022

617

Sunnova

Energy

International

Inc

(2),(3)

11,298

8,660

Vistra

Corp

227,325

Total

Independent

Power

and

Renewable

Electricity

Producers

489,305

Industrial

Conglomerates

-

0.8%

11,326

Honeywell

International

Inc

2,350,145

Total

Industrial

Conglomerates

2,350,145

Industrial

REITs

-

0.9%

5,198

Americold

Realty

Trust

Inc

167,895

1,929

EastGroup

Properties

Inc

334,874

10,582

First

Industrial

Realty

Trust

Inc

557,037

144

Innovative

Industrial

Properties

Inc

10,514

11,134

Prologis

Inc

1,365,362

1,766

Rexford

Industrial

Realty

Inc

92,221

Total

Industrial

REITs

2,527,903

Insurance

-

2.0%

2,124

American

Equity

Investment

Life

Holding

Co

110,682

1,141

American

Financial

Group

Inc/OH

135,494

5,688

Arthur

J

Gallagher

&

Co

1,248,914

2,593

Brighthouse

Financial

Inc

(2)

122,778

4,942

Fidelity

National

Financial

Inc

177,912

863

Hanover

Insurance

Group

Inc/The

97,545

196

Kinsale

Capital

Group

Inc

73,343

117

Markel

Group

Inc

(2)

161,832

8,946

Marsh

&

McLennan

Cos

Inc

1,682,564

3,954

Old

Republic

International

Corp

99,522

1,422

Primerica

Inc

281,215

943

Reinsurance

Group

of

America

Inc

130,785

298

RenaissanceRe

Holdings

Ltd

55,583

654

RLI

Corp

89,251

1,002

Selective

Insurance

Group

Inc

96,142

6,012

Travelers

Cos

Inc/The

1,044,044

7,525

Unum

Group

358,942

Total

Insurance

5,966,548

Nuveen

S&P

500

Dynamic

Overwrite

Fund

(continued)

Portfolio

of

Investments

June

30,

2023

(Unaudited)

40

SPXX

Shares

Description

(1)

Value

Interactive

Media

&

Services

-

5.7%

51,060

Alphabet

Inc,

Class

A

(2),(4)

$

6,111,882

42,494

Alphabet

Inc,

Class

C

(2),(4)

5,140,499

1,216

IAC

Inc

(2)

76,365

18,071

Meta

Platforms

Inc

(2)

5,186,016

5,089

Pinterest

Inc,

Class

A

(2)

139,133

1,337

TripAdvisor

Inc

(2)

22,047

412

Ziff

Davis

Inc

(2)

28,865

Total

Interactive

Media

&

Services

16,704,807

IT

Services

-

0.7%

1,820

Amdocs

Ltd

179,907

805

Cloudflare

Inc,

Class

A

(2)

52,623

340

Globant

SA

(2)

61,105

2,561

GoDaddy

Inc,

Class

A

(2)

192,408

8,292

International

Business

Machines

Corp

1,109,552

421

MongoDB

Inc

(2)

173,027

258

Okta

Inc

(2)

17,892

151

Snowflake

Inc,

Class

A

(2)

26,573

1,577

Twilio

Inc,

Class

A

(2)

100,329

410

Wix.com

Ltd

(2)

32,078

Total

IT

Services

1,945,494

Leisure

Products

-

0.0%

2,412

Mattel

Inc

(2)

47,130

Total

Leisure

Products

47,130

Life

Sciences

Tools

&

Services

-

1.4%

1,543

Bruker

Corp

114,058

6,484

Danaher

Corp

1,556,160

395

Medpace

Holdings

Inc

(2)

94,867

2,755

QIAGEN

NV

(2)

124,058

186

Repligen

Corp

(2)

26,312

4,185

Thermo

Fisher

Scientific

Inc

2,183,524

Total

Life

Sciences

Tools

&

Services

4,098,979

Machinery

-

1.9%

967

AGCO

Corp

127,083

5,593

Caterpillar

Inc

1,376,158

298

Chart

Industries

Inc

(2)

47,617

3,017

Deere

&

Co

1,222,458

450

Esab

Corp

29,943

5,399

Graco

Inc

466,204

6,761

Illinois

Tool

Works

Inc

1,691,332

510

Lincoln

Electric

Holdings

Inc

101,301

1,095

Middleby

Corp/The

(2)

161,874

1,377

Oshkosh

Corp

119,235

731

Timken

Co/The

66,908

1,360

Toro

Co/The

138,244

Total

Machinery

5,548,357

Media

-

0.8%

37

Cable

One

Inc

24,312

46,008

Comcast

Corp,

Class

A

1,911,632

2,501

Liberty

Broadband

Corp,

Class

A

(2)

199,405

29,033

Sirius

XM

Holdings

Inc

(3)

131,520

632

Trade

Desk

Inc/The,

Class

A

(2)

48,803

Total

Media

2,315,672

41

Shares

Description

(1)

Value

Metals

&

Mining

-

0.4%

2,176

Alcoa

Corp

$

73,832

4,597

Cleveland-Cliffs

Inc

(2)

77,046

14,773

Hecla

Mining

Co

76,081

2,400

MP

Materials

Corp

(2)

54,912

555

Reliance

Steel

&

Aluminum

Co

150,732

3,190

Royal

Gold

Inc

366,148

2,973

Southern

Copper

Corp

213,283

5,367

SSR

Mining

Inc

76,104

3,022

United

States

Steel

Corp

75,580

Total

Metals

&

Mining

1,163,718

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.1%

4,596

AGNC

Investment

Corp

46,558

6,647

Annaly

Capital

Management

Inc

133,006

Total

Mortgage

Real

Estate

Investment

Trusts

(REITs)

179,564

Multi-Utilities

-

0.6%

3,388

Black

Hills

Corp

204,161

13,656

Consolidated

Edison

Inc

1,234,502

3,208

NorthWestern

Corp

182,086

Total

Multi-Utilities

1,620,749

Office

REITs

-

0.0%

4,774

Brandywine

Realty

Trust

22,199

4,246

Cousins

Properties

Inc

96,809

1,750

Hudson

Pacific

Properties

Inc

7,385

468

SL

Green

Realty

Corp

14,063

Total

Office

REITs

140,456

Oil,

Gas

&

Consumable

Fuels

-

3.7%

4,259

Antero

Resources

Corp

(2)

98,085

1,457

Cheniere

Energy

Inc

221,989

2,132

Chesapeake

Energy

Corp

178,406

18,163

Chevron

Corp

2,857,948

671

Chord

Energy

Corp

103,200

750

Civitas

Resources

Inc

52,028

4,084

CNX

Resources

Corp

(2)

72,368

175

Comstock

Resources

Inc

2,030

13,367

ConocoPhillips

1,384,955

555

Denbury

Inc

(2)

47,874

4,475

Equitrans

Midstream

Corp

42,781

34,176

Exxon

Mobil

Corp

3,665,376

894

HF

Sinclair

Corp

39,881

8,731

Magnolia

Oil

&

Gas

Corp,

Class

A

182,478

10,200

Marathon

Petroleum

Corp

1,189,320

1,550

Murphy

Oil

Corp

59,365

5,586

Ovintiv

Inc

212,659

1,985

PDC

Energy

Inc

141,213

3,926

Permian

Resources

Corp

43,029

4,093

Range

Resources

Corp

120,334

902

SM

Energy

Co

28,530

14,618

Southwestern

Energy

Co

(2)

87,854

52

Texas

Pacific

Land

Corp

68,458

Total

Oil,

Gas

&

Consumable

Fuels

10,900,161

Paper

&

Forest

Products

-

0.0%

478

Louisiana-Pacific

Corp

35,840

Total

Paper

&

Forest

Products

35,840

Nuveen

S&P

500

Dynamic

Overwrite

Fund

(continued)

Portfolio

of

Investments

June

30,

2023

(Unaudited)

42

SPXX

Shares

Description

(1)

Value

Passenger

Airlines

-

0.1%

942

Copa

Holdings

SA,

Class

A

$

104,166

3,101

Frontier

Group

Holdings

Inc

(2)

29,987

5,123

JetBlue

Airways

Corp

(2)

45,390

1,524

Spirit

Airlines

Inc

26,152

Total

Passenger

Airlines

205,695

Personal

Care

Products

-

0.0%

1,115

BellRing

Brands

Inc

(2)

40,809

Total

Personal

Care

Products

40,809

Pharmaceuticals

-

4.4%

15,967

Bristol-Myers

Squibb

Co

1,021,090

5,649

Elanco

Animal

Health

Inc

(2)

56,829

6,826

Eli

Lilly

&

Co

3,201,257

512

Jazz

Pharmaceuticals

PLC

(2)

63,473

22,385

Johnson

&

Johnson

3,705,165

23,887

Merck

&

Co

Inc

2,756,321

50,011

Pfizer

Inc

1,834,403

4,866

Royalty

Pharma

PLC

149,581

Total

Pharmaceuticals

12,788,119

Professional

Services

-

0.4%

3,330

Booz

Allen

Hamilton

Holding

Corp

371,628

425

CACI

International

Inc,

Class

A

(2)

144,857

6,728

Clarivate

PLC

(2)

64,118

343

Concentrix

Corp

27,697

185

ExlService

Holdings

Inc

(2)

27,946

108

FTI

Consulting

Inc

(2)

20,542

2,665

KBR

Inc

173,385

596

Science

Applications

International

Corp

67,038

3,175

SS&C

Technologies

Holdings

Inc

192,405

771

TransUnion

60,392

Total

Professional

Services

1,150,008

Real

Estate

Management

&

Development

-

0.1%

1,786

Anywhere

Real

Estate

Inc

(2)

11,930

588

eXp

World

Holdings

Inc

11,925

1,231

Jones

Lang

LaSalle

Inc

(2)

191,790

1,070

Seritage

Growth

Properties

(2)

9,544

3,107

Zillow

Group

Inc,

Class

C

(2)

156,158

Total

Real

Estate

Management

&

Development

381,347

Residential

REITs

-

0.3%

6,276

American

Homes

4

Rent,

Class

A

222,484

6,011

Equity

LifeStyle

Properties

Inc

402,076

7,923

Independence

Realty

Trust

Inc

144,357

1,074

Sun

Communities

Inc

140,114

Total

Residential

REITs

909,031

Retail

REITs

-

0.5%

5,517

Agree

Realty

Corp

360,757

15,872

Brixmor

Property

Group

Inc

349,184

2,787

Macerich

Co/The

31,409

8,772

NNN

REIT

Inc

375,354

7,163

Phillips

Edison

&

Co

Inc

244,115

4,261

SITE

Centers

Corp

56,330

Total

Retail

REITs

1,417,149

43

Shares

Description

(1)

Value

Semiconductors

&

Semiconductor

Equipment

-

7.5%

7,908

Analog

Devices

Inc

$

1,540,557

14,616

Applied

Materials

Inc

2,112,597

3,707

Broadcom

Inc

3,215,563

2,269

Coherent

Corp

(2)

115,674

64

First

Solar

Inc

(2)

12,166

41,460

Intel

Corp

1,386,422

334

Lattice

Semiconductor

Corp

(2)

32,087

3,050

Marvell

Technology

Inc

182,329

10,021

Microchip

Technology

Inc

897,781

1,740

MKS

INSTRUMENTS

INC

188,094

20,632

NVIDIA

Corp

8,727,749

11,276

QUALCOMM

Inc

1,342,295

644

Semtech

Corp

(2)

16,396

10,681

Texas

Instruments

Inc

1,922,794

521

Universal

Display

Corp

75,092

597

Wolfspeed

Inc

(2)

33,187

Total

Semiconductors

&

Semiconductor

Equipment

21,800,783

Software

-

10.2%

4,310

Adobe

Inc

(2)

2,107,547

791

Altair

Engineering

Inc,

Class

A

(2)

59,990

387

BILL

Holdings

Inc

(2)

45,221

2,516

Black

Knight

Inc

(2)

150,281

499

BlackLine

Inc

(2)

26,856

1,466

Box

Inc,

Class

A

(2)

43,071

643

Crowdstrike

Holdings

Inc,

Class

A

(2)

94,437

330

Datadog

Inc,

Class

A

(2)

32,465

365

DocuSign

Inc

(2)

18,648

7,313

Dropbox

Inc,

Class

A

(2)

195,038

1,426

Dynatrace

Inc

(2)

73,396

515

Elastic

NV

(2)

33,022

1,172

Five9

Inc

(2)

96,631

2,495

Intuit

Inc

1,143,184

537

Manhattan

Associates

Inc

(2)

107,336

61,683

Microsoft

Corp

21,005,529

55

MicroStrategy

Inc,

Class

A

(2),(3)

18,833

2,273

Nutanix

Inc,

Class

A

(2)

63,758

15,047

Oracle

Corp

1,791,947

8,904

Palantir

Technologies

Inc,

Class

A

(2)

136,498

281

Paylocity

Holding

Corp

(2)

51,853

592

Pegasystems

Inc

29,186

454

Rapid7

Inc

(2)

20,557

1,278

RingCentral

Inc,

Class

A

(2)

41,829

6,367

Salesforce

Inc

(2)

1,345,092

2,769

SentinelOne

Inc,

Class

A

(2)

41,812

1,223

Splunk

Inc

(2)

129,748

1,110

Teradata

Corp

(2)

59,285

3,502

UiPath

Inc,

Class

A

(2)

58,028

1,252

Unity

Software

Inc

(2)

54,362

1,361

VMware

Inc,

Class

A

(2)

195,562

1,735

Workday

Inc,

Class

A

(2)

391,919

2,716

Zoom

Video

Communications

Inc,

Class

A

(2)

184,362

219

Zscaler

Inc

(2)

32,040

Total

Software

29,879,323

Specialized

REITs

-

0.4%

2,086

CubeSmart

93,161

5,928

Gaming

and

Leisure

Properties

Inc

287,271

2,264

Lamar

Advertising

Co,

Class

A

224,702

2,987

Life

Storage

Inc

397,151

1,895

Outfront

Media

Inc

29,789

Nuveen

S&P

500

Dynamic

Overwrite

Fund

(continued)

Portfolio

of

Investments

June

30,

2023

(Unaudited)

44

SPXX

Shares

Description

(1)

Value

Specialized

REITs

(continued)

1,742

PotlatchDeltic

Corp

$

92,065

Total

Specialized

REITs

1,124,139

Specialty

Retail

-

1.9%

839

AutoNation

Inc

(2)

138,108

1,137

Dick's

Sporting

Goods

Inc

150,300

280

Five

Below

Inc

(2)

55,031

9,955

Home

Depot

Inc/The

3,092,421

343

Lithia

Motors

Inc

104,310

7,505

Lowe's

Cos

Inc

1,693,878

5

Murphy

USA

Inc

1,556

512

RH

(2)

168,750

902

Wayfair

Inc,

Class

A

(2)

58,639

627

Williams-Sonoma

Inc

78,463

Total

Specialty

Retail

5,541,456

Technology

Hardware,

Storage

&

Peripherals

-

8.3%

122,587

Apple

Inc

(4)

23,778,201

5,255

Dell

Technologies

Inc,

Class

C

284,348

3,243

Pure

Storage

Inc,

Class

A

(2)

119,407

Total

Technology

Hardware,

Storage

&

Peripherals

24,181,956

Textiles,

Apparel

&

Luxury

Goods

-

0.6%

1,164

Capri

Holdings

Ltd

(2)

41,776

233

Deckers

Outdoor

Corp

(2)

122,945

443

Lululemon

Athletica

Inc

(2)

167,676

12,885

NIKE

Inc,

Class

B

1,422,117

11,692

Under

Armour

Inc,

Class

A

(2)

84,416

Total

Textiles,

Apparel

&

Luxury

Goods

1,838,930

Tobacco

-

0.5%

13,855

Philip

Morris

International

Inc

1,352,525

Total

Tobacco

1,352,525

Trading

Companies

&

Distributors

-

0.6%

1,913

Univar

Solutions

Inc

(2)

68,562

1,031

Watsco

Inc

393,296

686

WESCO

International

Inc

122,835

1,331

WW

Grainger

Inc

1,049,613

Total

Trading

Companies

&

Distributors

1,634,306

Water

Utilities

-

0.1%

9,953

Essential

Utilities

Inc

397,224

Total

Water

Utilities

397,224

Wireless

Telecommunication

Services

-

0.0%

1,094

United

States

Cellular

Corp

(2)

19,287

Total

Wireless

Telecommunication

Services

19,287

Total

Common

Stocks

(cost

$117,223,510)

288,746,083

Shares

Description

(1)

Value

X

–

EXCHANGE-TRADED

FUNDS

-

1.8%

X

5,286,720

24,000

Vanguard

Total

Stock

Market

ETF

$

5,286,720

Total

Exchange-Traded

Funds

(cost

$4,702,061)

5,286,720

45

Investments

in

Derivatives

Description

Type

Number

of

Contracts

Notional

Amount

(5)

Exercise

Price

Expiration

Date

Value

OPTIONS

PURCHASED

-

0.0%

X

–

CBOE

Volatility

Index

Call

50

$

150,000

$

30

8/16/23

$

2,125

CBOE

Volatility

Index

Call

50

110,000

22

7/19/23

1,000

General

Mills

Inc

Call

50

450,000

90

7/21/23

125

iShares

U.S.

Home

Construction

ETF

Put

50

375,000

75

7/21/23

321

Total

Options

Purchased

(cost

$23,807)

200

$

1,085,000

3,571

Total

Long-Term

Investments

(cost

$121,949,378)

294,036,374

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

  0.1%

X

–

MONEY

MARKET

FUNDS

-

0.1%

X

221,781

221,781

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(6)

5.110%(7)

$

221,781

Total

Money

Market

Funds

(cost

$221,781)

$

221,781

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$221,781)

221,781

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 1.7%  

–

REPURCHASE

AGREEMENTS

-

1.7%

X

4,929,183

$

4,929

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

6/30/23,

repurchase

price

$4,929,807,

collateralized

by

$5,745,200,

U.S.

Treasury

Note,

1.500%,

due

11/30/28,

value

$5,027,830

1.520%

7/03/23

$

4,929,183

Total

Repurchase

Agreements

(cost

$4,929,183)

4,929,183

Total

Short-Term

Investments

(cost

$4,929,183)

4,929,183

Total

Investments

(cost

$127,100,342

)

-

102.6%

299,187,338

Other

Assets

&

Liabilities,

Net

-   (2.6)%(8)

(7,553,987)

Net

Assets

Applicable

to

Common

Shares

-

100%

$

291,633,351

Options

Written

Description

Type

Number

of

Contracts

Notional

Amount

(5)

Exercise

Price

Expiration

Date

Value

Invesco

QQQ

Trust

Series

1

Call

(200)

$

(6,800,000)

$

340

7/21/23

$

(612,975)

Russell

2000

Index

Call

(10)

(1,900,000)

1,900

7/21/23

(23,750)

S&P

500

Index

Call

(10)

(4,300,000)

4,300

7/21/23

(165,400)

S&P

500

Index

Call

(40)

(17,300,000)

4,325

7/21/23

(567,400)

S&P

500

Index

Call

(28)

(12,180,000)

4,350

7/21/23

(331,800)

S&P

500

Index

Call

(170)

(75,395,000)

4,435

7/21/23

(915,450)

S&P

500

Index

Call

(30)

(13,350,000)

4,450

7/21/23

(134,550)

S&P

500

Index

Call

(15)

(6,750,000)

4,500

7/21/23

(33,450)

Total

Options

Written

(premiums

received

$1,751,261)

(503)

$(137,975,000)

$(2,784,775)

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(2)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

Nuveen

S&P

500

Dynamic

Overwrite

Fund

(continued)

Portfolio

of

Investments

June

30,

2023

(Unaudited)

46

SPXX

(3)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$216,838.

(4)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives.

(5)

For

disclosure

purposes,

Notional

Amount

is

calculated

by

multiplying

the

Number

of

Contracts

by

the

Exercise

Price

by

100.

(6)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

market

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(7)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

(8)

Other

assets

less

liabilities

includes

the

unrealized

appreciation

(depreciation)

of

certain

over-the-counter

(“OTC”)

derivatives

as

presented

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

The

unrealized

appreciation

(depreciation)

of

OTC

cleared

and

exchange-traded

derivatives

is

recognized

as

part

of

the

cash

collateral

at

brokers

and/or

the

receivable

or

payable

for

variation

margin

as

presented

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

CBOE

Chicago

Board

Options

Exchange

ETF

Exchange-Traded

Fund

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

See

Notes

to

Financial

Statements

47

Nuveen

Nasdaq

100

Dynamic

Overwrite

Fund

Portfolio

of

Investments

June

30,

2023

(Unaudited)

QQQX

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

100.8%   

X

–

COMMON

STOCKS

-

99.4%

X

1,175,081,636

Air

Freight

&

Logistics

-

0.1%

228

FedEx

Corp

$

56,521

3,591

United

Parcel

Service

Inc,

Class

B

643,687

Total

Air

Freight

&

Logistics

700,208

Auto

Components

-

0.1%

82,871

American

Axle

&

Manufacturing

Holdings

Inc

(2)

685,343

Total

Auto

Components

685,343

Automobile

Components

-

0.0%

4,110

Lear

Corp

589,990

Total

Automobile

Components

589,990

Automobiles

-

4.5%

40,233

Ford

Motor

Co

608,725

202,531

Tesla

Inc

(2)

53,016,540

Total

Automobiles

53,625,265

Beverages

-

1.7%

28,086

Brown-Forman

Corp,

Class

B

1,875,583

12,636

Celsius

Holdings

Inc

(2)

1,885,165

7,494

Constellation

Brands

Inc,

Class

A

1,844,498

242,394

Monster

Beverage

Corp

(2)

13,923,111

Total

Beverages

19,528,357

Biotechnology

-

3.2%

66,016

Amgen

Inc

14,656,872

172,825

Gilead

Sciences

Inc

13,319,623

13,272

Regeneron

Pharmaceuticals

Inc

(2)

9,536,463

Total

Biotechnology

37,512,958

Broadline

Retail

-

6.9%

624,930

Amazon.com

Inc

(2),(3)

81,465,875

Total

Broadline

Retail

81,465,875

Capital

Markets

-

0.8%

7,537

Charles

Schwab

Corp/The

427,197

8,682

Moody's

Corp

3,018,905

19,418

Morgan

Stanley

1,658,297

9,235

S&P

Global

Inc

3,702,219

11,343

SEI

Investments

Co

676,270

Total

Capital

Markets

9,482,888

Chemicals

-

0.3%

3,021

Albemarle

Corp

673,955

4,584

Linde

PLC

1,746,871

3,839

Sherwin-Williams

Co/The

1,019,331

Total

Chemicals

3,440,157

Commercial

Services

&

Supplies

-

0.3%

4,378

Tetra

Tech

Inc

716,854

7,562

Waste

Connections

Inc

1,080,837

9,915

Waste

Management

Inc

1,719,459

Total

Commercial

Services

&

Supplies

3,517,150

Nuveen

Nasdaq

100

Dynamic

Overwrite

Fund

(continued)

Portfolio

of

Investments

June

30,

2023

(Unaudited)

48

QQQX

Shares

Description

(1)

Value

Communications

Equipment

-

2.2%

497,907

Cisco

Systems

Inc

$

25,761,708

17,857

NetScout

Systems

Inc

(2)

552,674

Total

Communications

Equipment

26,314,382

Consumer

Staples

Distribution

&

Retail

-

1.2%

15,398

BJ's

Wholesale

Club

Holdings

Inc

(2)

970,228

2,304

Casey's

General

Stores

Inc

561,900

7,283

Dollar

General

Corp

1,236,508

210,528

HF

Foods

Group

Inc

(2)

987,376

24,681

Kroger

Co/The

1,160,007

22,661

Sysco

Corp

1,681,446

11,382

Target

Corp

1,501,286

38,746

Walmart

Inc

6,090,096

Total

Consumer

Staples

Distribution

&

Retail

14,188,847

Containers

&

Packaging

-

0.0%

4,212

Ball

Corp

245,180

Total

Containers

&

Packaging

245,180

Distributors

-

0.4%

10,718

Genuine

Parts

Co

1,813,807

7,621

Pool

Corp

2,855,132

Total

Distributors

4,668,939

Diversified

Consumer

Services

-

0.1%

10,345

Service

Corp

International/US

668,184

Total

Diversified

Consumer

Services

668,184

Electric

Utilities

-

0.7%

58,187

NextEra

Energy

Inc

4,317,475

69,334

PG&E

Corp

(2)

1,198,092

31,804

Southern

Co/The

2,234,231

Total

Electric

Utilities

7,749,798

Electrical

Equipment

-

0.2%

7,632

Rockwell

Automation

Inc

2,514,362

Total

Electrical

Equipment

2,514,362

Electronic

Equipment,

Instruments

&

Components

-

0.1%

10,486

Keysight

Technologies

Inc

(2)

1,755,881

Total

Electronic

Equipment,

Instruments

&

Components

1,755,881

Energy

Equipment

&

Services

-

0.0%

5,484

Select

Water

Solutions

Inc

44,420

Total

Energy

Equipment

&

Services

44,420

Entertainment

-

0.5%

12,831

Roku

Inc

(2)

820,671

42,950

Walt

Disney

Co/The

(2)

3,834,576

17,168

World

Wrestling

Entertainment

Inc,

Class

A

1,862,213

Total

Entertainment

6,517,460

Financial

Services

-

2.0%

12,807

Berkshire

Hathaway

Inc,

Class

B

(2)

4,367,187

11,527

Jack

Henry

&

Associates

Inc

1,928,813

8,130

Mastercard

Inc,

Class

A

3,197,529

143,943

PayPal

Holdings

Inc

(2)

9,605,316

49

Shares

Description

(1)

Value

Financial

Services

(continued)

17,825

Visa

Inc,

Class

A

$

4,233,081

Total

Financial

Services

23,331,926

Food

Products

-

1.2%

10,258

Archer-Daniels-Midland

Co

775,095

70,834

Bridgford

Foods

Corp

(2)

815,299

28,123

Hershey

Co/The

7,022,313

22,636

Laird

Superfood

Inc

(2)

17,998

15,737

Lamb

Weston

Holdings

Inc

1,808,968

44,233

McCormick

&

Co

Inc/MD

3,858,445

Total

Food

Products

14,298,118

Ground

Transportation

-

0.4%

4,575

JB

Hunt

Transport

Services

Inc

828,212

2,687

Norfolk

Southern

Corp

609,304

33,792

Uber

Technologies

Inc

(2)

1,458,801

10,994

Union

Pacific

Corp

2,249,592

Total

Ground

Transportation

5,145,909

Health

Care

Equipment

&

Supplies

-

0.9%

26,882

Abbott

Laboratories

2,930,676

14,413

AtriCure

Inc

(2)

711,426

2,838

Becton

Dickinson

&

Co

749,260

768

Embecta

Corp

16,589

17,865

LENSAR

Inc

(2)

75,926

9,926

NuVasive

Inc

(2)

412,822

18,188

Rockwell

Medical

Inc

(2),(4)

99,306

514

Shockwave

Medical

Inc

(2)

146,701

19,914

Stryker

Corp

6,075,562

4,183

Venus

Concept

Inc

(2)

8,910

Total

Health

Care

Equipment

&

Supplies

11,227,178

Health

Care

Providers

&

Services

-

0.4%

4,308

McKesson

Corp

1,840,851

5,092

UnitedHealth

Group

Inc

2,447,419

Total

Health

Care

Providers

&

Services

4,288,270

Hotels,

Restaurants

&

Leisure

-

2.5%

6,160

Booking

Holdings

Inc

(2)

16,634,033

1,740

Chipotle

Mexican

Grill

Inc

(2)

3,721,860

21,002

Darden

Restaurants

Inc

3,509,014

26,996

Hilton

Worldwide

Holdings

Inc

3,929,268

4,279

McDonald's

Corp

1,276,896

Total

Hotels,

Restaurants

&

Leisure

29,071,071

Household

Durables

-

0.2%

32,574

Green

Brick

Partners

Inc

(2)

1,850,203

Total

Household

Durables

1,850,203

Industrial

Conglomerates

-

0.2%

25,725

General

Electric

Co

2,825,891

Total

Industrial

Conglomerates

2,825,891

Interactive

Media

&

Services

-

13.1%

489,402

Alphabet

Inc,

Class

A

(2)

58,581,419

338,076

Alphabet

Inc,

Class

C

(2)

40,897,054

37,991

Match

Group

Inc

(2)

1,589,923

188,120

Meta

Platforms

Inc

(2)

53,986,678

Total

Interactive

Media

&

Services

155,055,074

Nuveen

Nasdaq

100

Dynamic

Overwrite

Fund

(continued)

Portfolio

of

Investments

June

30,

2023

(Unaudited)

50

QQQX

Shares

Description

(1)

Value

IT

Services

-

0.3%

9,093

Accenture

PLC,

Class

A

$

2,805,918

9,762

Cloudflare

Inc,

Class

A

(2)

638,142

2,959

Snowflake

Inc,

Class

A

(2)

520,725

Total

IT

Services

3,964,785

Life

Sciences

Tools

&

Services

-

1.2%

72,556

Agilent

Technologies

Inc

8,724,859

5,019

Charles

River

Laboratories

International

Inc

(2)

1,055,245

16,193

Danaher

Corp

3,886,320

Total

Life

Sciences

Tools

&

Services

13,666,424

Machinery

-

0.6%

9,138

Caterpillar

Inc

2,248,405

3,467

Deere

&

Co

1,404,794

7,764

Fortive

Corp

580,514

13,953

RBC

Bearings

Inc

(2)

3,034,359

Total

Machinery

7,268,072

Media

-

2.5%

642,116

Comcast

Corp,

Class

A

26,679,920

136,917

comScore

Inc

(2)

110,903

18,163

Liberty

Media

Corp-Liberty

SiriusXM

(2)

595,928

6,270

News

Corp,

Class

B

123,644

42,393

Saga

Communications

Inc,

Class

A

905,515

14,832

Trade

Desk

Inc/The,

Class

A

(2)

1,145,327

Total

Media

29,561,237

Multi-Utilities

-

0.1%

4,315

Sempra

Energy

628,221

Total

Multi-Utilities

628,221

Oil,

Gas

&

Consumable

Fuels

-

0.0%

4,902

Clean

Energy

Fuels

Corp

(2)

24,314

Total

Oil,

Gas

&

Consumable

Fuels

24,314

Passenger

Airlines

-

0.0%

11,239

Delta

Air

Lines

Inc

(2)

534,302

Total

Passenger

Airlines

534,302

Personal

Care

Products

-

0.1%

7,133

Estee

Lauder

Cos

Inc/The,

Class

A

1,400,779

Total

Personal

Care

Products

1,400,779

Pharmaceuticals

-

0.1%

36,349

Corcept

Therapeutics

Inc

(2)

808,765

Total

Pharmaceuticals

808,765

Professional

Services

-

0.1%

20,689

Robert

Half

International

Inc

1,556,227

Total

Professional

Services

1,556,227

Semiconductors

&

Semiconductor

Equipment

-

13.3%

166,423

Advanced

Micro

Devices

Inc

(2)

18,957,244

94,350

Analog

Devices

Inc

18,380,324

165,056

Applied

Materials

Inc

23,857,194

9,301

Axcelis

Technologies

Inc

(2)

1,705,152

6,555

First

Solar

Inc

(2)

1,246,040

420,372

Intel

Corp

14,057,240

51

Shares

Description

(1)

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

37,130

Lattice

Semiconductor

Corp

(2)

$

3,567,079

6,123

Monolithic

Power

Systems

Inc

3,307,828

106,341

NVIDIA

Corp

44,984,370

33,195

Power

Integrations

Inc

3,142,571

140,959

QUALCOMM

Inc

16,779,759

12,461

Silicon

Laboratories

Inc

(2)

1,965,598

2,620

SiTime

Corp

(2)

309,081

20,407

Skyworks

Solutions

Inc

2,258,851

25,925

Taiwan

Semiconductor

Manufacturing

Co

Ltd,

Sponsored

ADR

2,616,351

9,407

Wolfspeed

Inc

(2)

522,935

Total

Semiconductors

&

Semiconductor

Equipment

157,657,617

Software

-

20.1%

27,289

ANSYS

Inc

(2)

9,012,738

52,492

Autodesk

Inc

(2)

10,740,388

32,603

Black

Knight

Inc

(2)

1,947,377

115,037

Fortinet

Inc

(2)

8,695,647

524,061

Microsoft

Corp

178,463,733

80,151

Nutanix

Inc,

Class

A

(2)

2,248,236

64,056

Oracle

Corp

7,628,429

3,987

Paycom

Software

Inc

1,280,784

3,738

Paylocity

Holding

Corp

(2)

689,773

34,254

PTC

Inc

(2)

4,874,344

34,197

Salesforce

Inc

(2)

7,224,458

6,953

ServiceNow

Inc

(2)

3,907,377

4,592

Sprout

Social

Inc,

Class

A

(2)

211,967

6,627

Tenable

Holdings

Inc

(2)

288,606

Total

Software

237,213,857

Specialized

REITs

-

0.2%

55,254

CubeSmart

2,467,644

Total

Specialized

REITs

2,467,644

Specialty

Retail

-

0.7%

940

AutoZone

Inc

(2)

2,343,758

8,039

Dick's

Sporting

Goods

Inc

1,062,675

2,826

Home

Depot

Inc/The

877,869

4,325

Lowe's

Cos

Inc

976,153

22,853

TJX

Cos

Inc/The

1,937,706

2,331

Ulta

Beauty

Inc

(2)

1,096,957

Total

Specialty

Retail

8,295,118

Technology

Hardware,

Storage

&

Peripherals

-

15.0%

915,302

Apple

Inc

(3)

177,541,129

Total

Technology

Hardware,

Storage

&

Peripherals

177,541,129

Textiles,

Apparel

&

Luxury

Goods

-

0.4%

2,696

Deckers

Outdoor

Corp

(2)

1,422,571

27,957

NIKE

Inc,

Class

B

3,085,614

Total

Textiles,

Apparel

&

Luxury

Goods

4,508,185

Trading

Companies

&

Distributors

-

0.3%

4,996

United

Rentals

Inc

2,225,069

1,390

WW

Grainger

Inc

1,096,140

Total

Trading

Companies

&

Distributors

3,321,209

Nuveen

Nasdaq

100

Dynamic

Overwrite

Fund

(continued)

Portfolio

of

Investments

June

30,

2023

(Unaudited)

52

QQQX

Investments

in

Derivatives

Shares

Description

(1)

Value

Wireless

Telecommunication

Services

-

0.2%

75,434

Gogo

Inc

(2)

$

1,283,133

34,287

Spok

Holdings

Inc

455,674

11,596

Telephone

and

Data

Systems

Inc

95,435

29,508

United

States

Cellular

Corp

(2)

520,225

Total

Wireless

Telecommunication

Services

2,354,467

Total

Common

Stocks

(cost

$358,900,023)

1,175,081,636

Shares

Description

(1)

Value

X

–

EXCHANGE-TRADED

FUNDS

-

1.4%

X

16,080,440

73,000

Vanguard

Total

Stock

Market

ETF

$

16,080,440

Total

Exchange-Traded

Funds

(cost

$15,281,498)

16,080,440

Description

Type

Number

of

Contracts

Notional

Amount

(5)

Exercise

Price

Expiration

Date

Value

OPTIONS

PURCHASED

-

0.0%

X

–

CBOE

Volatility

Index

Call

100

$

220,000

$

22

7/19/23

$

2,000

CBOE

Volatility

Index

Call

100

300,000

30

8/16/23

4,250

General

Mills

Inc

Call

100

900,000

90

7/21/23

250

iShares

U.S.

Home

Construction

ETF

Put

100

750,000

75

7/21/23

642

Total

Options

Purchased

(cost

$47,615)

400

$

2,170,000

7,142

Total

Long-Term

Investments

(cost

$374,229,136)

1,191,169,218

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

  0.0%

–

MONEY

MARKET

FUNDS

-

0.0%

X

91,507

91,507

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(6)

5.110%(7)

$

91,507

Total

Money

Market

Funds

(cost

$91,507)

$

91,507

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$91,507)

91,507

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 1.7%  

–

REPURCHASE

AGREEMENTS

-

1.7%

X

20,654,303

$

20,654

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

6/30/23,

repurchase

price

$20,656,919,

collateralized

by

$24,073,300,

U.S.

Treasury

Note,

1.500%,

due

11/30/28,

value

$21,067,406

1.520%

7/03/23

$

20,654,303

Total

Repurchase

Agreements

(cost

$20,654,303)

20,654,303

Total

Short-Term

Investments

(cost

$20,654,303)

20,654,303

Total

Investments

(cost

$394,974,946

)

-

102.5%

1,211,915,028

Other

Assets

&

Liabilities,

Net

-   (2.5)%(8)

(29,842,011)

Net

Assets

Applicable

to

Common

Shares

-

100%

$

1,182,073,017

53

Options

Written

Description

Type

Number

of

Contracts

Notional

Amount

(5)

Exercise

Price

Expiration

Date

Value

Invesco

QQQ

Trust

Series

1

Call

(500)

$

(17,000,000)

$

340

7/21/23

$

(1,532,436)

Russell

2000

Index

Call

(50)

(9,500,000)

1,900

7/21/23

(118,750)

S&P

500

Index

Call

(35)

(15,050,000)

4,300

7/21/23

(578,900)

S&P

500

Index

Call

(140)

(60,550,000)

4,325

7/21/23

(1,985,900)

S&P

500

Index

Call

(100)

(43,500,000)

4,350

7/21/23

(1,185,000)

S&P

500

Index

Call

(120)

(53,400,000)

4,450

7/21/23

(538,200)

S&P

500

Index

Call

(60)

(27,000,000)

4,500

7/21/23

(133,800)

NASDAQ

100

Stock

INDEX

Call

(235)

(357,200,000)

15,200

7/21/23

(5,423,800)

Total

Options

Written

(premiums

received

$9,332,004)

(1,240)

$(583,200,000)

$(11,496,786)

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(2)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(3)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives.

(4)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$98,313.

(5)

For

disclosure

purposes,

Notional

Amount

is

calculated

by

multiplying

the

Number

of

Contracts

by

the

Exercise

Price

by

100.

(6)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

market

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(7)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

(8)

Other

assets

less

liabilities

includes

the

unrealized

appreciation

(depreciation)

of

certain

over-the-counter

(“OTC”)

derivatives

as

presented

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

The

unrealized

appreciation

(depreciation)

of

OTC

cleared

and

exchange-traded

derivatives

is

recognized

as

part

of

the

cash

collateral

at

brokers

and/or

the

receivable

or

payable

for

variation

margin

as

presented

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

ADR

American

Depositary

Receipt

CBOE

Chicago

Board

Options

Exchange

ETF

Exchange-Traded

Fund

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

See

Notes

to

Financial

Statements

54

Nuveen

Core

Equity

Alpha

Fund

Portfolio

of

Investments

June

30,

2023

(Unaudited)

JCE

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

101.0%   

X

–

COMMON

STOCKS

-

99.9%

X

212,428,681

Aerospace

&

Defense

-

2.7%

6,200

General

Dynamics

Corp

$

1,333,930

6,870

L3Harris

Technologies

Inc

1,344,940

3,640

Lockheed

Martin

Corp

1,675,783

3,130

Northrop

Grumman

Corp

1,426,654

Total

Aerospace

&

Defense

5,781,307

Automobiles

-

1.1%

9,310

Tesla

Inc

(2)

2,437,079

Total

Automobiles

2,437,079

Banks

-

1.6%

4,005

Bank

of

America

Corp

114,903

35,490

Citigroup

Inc

1,633,960

9,310

JPMorgan

Chase

&

Co

1,354,046

11,930

Truist

Financial

Corp

362,076

Total

Banks

3,464,985

Beverages

-

2.0%

20,870

Coca-Cola

Co/The

1,256,791

15,710

PepsiCo

Inc

2,909,806

Total

Beverages

4,166,597

Biotechnology

-

0.2%

2,460

AbbVie

Inc

331,436

Total

Biotechnology

331,436

Broadline

Retail

-

3.7%

59,720

Amazon.com

Inc

(2)

7,785,099

Total

Broadline

Retail

7,785,099

Building

Products

-

1.0%

21,900

Johnson

Controls

International

plc

1,492,266

3,670

Trane

Technologies

PLC

701,924

Total

Building

Products

2,194,190

Capital

Markets

-

1.0%

21,160

Bank

of

New

York

Mellon

Corp/The

942,043

1,870

CME

Group

Inc

346,492

4,280

LPL

Financial

Holdings

Inc

930,601

Total

Capital

Markets

2,219,136

Chemicals

-

2.0%

5,030

Air

Products

and

Chemicals

Inc

1,506,636

18,250

CF

Industries

Holdings

Inc

1,266,915

7,780

Ecolab

Inc

1,452,448

Total

Chemicals

4,225,999

Commercial

Services

&

Supplies

-

1.2%

29,590

Rollins

Inc

1,267,340

7,010

Waste

Management

Inc

1,215,674

Total

Commercial

Services

&

Supplies

2,483,014

55

Shares

Description

(1)

Value

Communications

Equipment

-

1.3%

52,750

Cisco

Systems

Inc

$

2,729,285

Total

Communications

Equipment

2,729,285

Consumer

Finance

-

1.0%

12,070

American

Express

Co

2,102,594

Total

Consumer

Finance

2,102,594

Consumer

Staples

Distribution

&

Retail

-

1.8%

50,730

Albertsons

Cos

Inc,

Class

A

1,106,929

560

Costco

Wholesale

Corp

301,493

15,879

Walmart

Inc

2,495,861

Total

Consumer

Staples

Distribution

&

Retail

3,904,283

Electric

Utilities

-

0.6%

440

Alliant

Energy

Corp

23,091

18,550

Evergy

Inc

1,083,691

1,850

NextEra

Energy

Inc

137,270

Total

Electric

Utilities

1,244,052

Electrical

Equipment

-

1.4%

25,980

nVent

Electric

PLC

1,342,386

69,640

Vertiv

Holdings

Co

1,724,983

Total

Electrical

Equipment

3,067,369

Energy

Equipment

&

Services

-

1.1%

42,020

Baker

Hughes

Co

1,328,252

29,940

Halliburton

Co

987,721

Total

Energy

Equipment

&

Services

2,315,973

Entertainment

-

0.7%

15,550

Live

Nation

Entertainment

Inc

(2)

1,416,761

60

Netflix

Inc

(2)

26,429

Total

Entertainment

1,443,190

Financial

Services

-

4.8%

15,190

Berkshire

Hathaway

Inc,

Class

B

(2)

5,179,790

23,430

Fidelity

National

Information

Services

Inc

1,281,621

12,310

Global

Payments

Inc

1,212,781

2,061

Mastercard

Inc,

Class

A

810,591

7,060

PayPal

Holdings

Inc

(2)

471,114

10,690

Toast

Inc,

Class

A

(2)

241,273

4,660

Visa

Inc,

Class

A

1,106,657

Total

Financial

Services

10,303,827

Food

Products

-

0.2%

1,310

Hershey

Co/The

327,107

33

Seaboard

Corp

117,504

Total

Food

Products

444,611

Health

Care

Equipment

&

Supplies

-

2.6%

14,160

Abbott

Laboratories

1,543,723

10,740

Dexcom

Inc

(2)

1,380,197

15,370

Globus

Medical

Inc,

Class

A

(2)

915,130

3,520

IDEXX

Laboratories

Inc

(2)

1,767,850

Total

Health

Care

Equipment

&

Supplies

5,606,900

Nuveen

Core

Equity

Alpha

Fund

(continued)

Portfolio

of

Investments

June

30,

2023

(Unaudited)

56

JCE

Shares

Description

(1)

Value

Health

Care

Providers

&

Services

-

5.2%

3,370

Centene

Corp

(2)

$

227,306

5,910

Cigna

Group/The

1,658,346

22,520

CVS

Health

Corp

1,556,808

3,780

Elevance

Health

Inc

1,679,416

3,890

HCA

Inc

1,180,537

1,860

McKesson

Corp

794,797

8,120

UnitedHealth

Group

Inc

3,902,797

Total

Health

Care

Providers

&

Services

11,000,007

Health

Care

REITs

-

0.6%

26,470

Ventas

Inc

1,251,237

Total

Health

Care

REITs

1,251,237

Health

Care

Technology

-

0.5%

44,900

Teladoc

Health

Inc

(2)

1,136,868

Total

Health

Care

Technology

1,136,868

Hotels,

Restaurants

&

Leisure

-

1.9%

8,090

McDonald's

Corp

2,414,137

17,280

Starbucks

Corp

1,711,757

Total

Hotels,

Restaurants

&

Leisure

4,125,894

Household

Products

-

1.9%

20,690

Colgate-Palmolive

Co

1,593,958

4,030

Kimberly-Clark

Corp

556,382

12,910

Procter

&

Gamble

Co/The

1,958,963

Total

Household

Products

4,109,303

Industrial

Conglomerates

-

0.9%

9,220

Honeywell

International

Inc

1,913,150

Total

Industrial

Conglomerates

1,913,150

Insurance

-

0.8%

8,870

Marsh

&

McLennan

Cos

Inc

1,668,270

Total

Insurance

1,668,270

Interactive

Media

&

Services

-

6.6%

35,690

Alphabet

Inc,

Class

A

(2)

4,272,093

36,810

Alphabet

Inc,

Class

C

(2),(3)

4,452,906

18,450

Meta

Platforms

Inc

(2)

5,294,781

Total

Interactive

Media

&

Services

14,019,780

IT

Services

-

0.1%

700

Gartner

Inc

(2)

245,217

Total

IT

Services

245,217

Life

Sciences

Tools

&

Services

-

3.4%

10,780

Agilent

Technologies

Inc

1,296,295

4,140

Danaher

Corp

993,600

1,080

Mettler-Toledo

International

Inc

(2)

1,416,571

26,020

Syneos

Health

Inc

(2)

1,096,483

4,773

Thermo

Fisher

Scientific

Inc

2,490,313

Total

Life

Sciences

Tools

&

Services

7,293,262

Machinery

-

2.2%

8,900

AGCO

Corp

1,169,638

21,250

Crane

NXT

Co

1,199,350

29,770

Flowserve

Corp

1,105,956

57

Shares

Description

(1)

Value

Machinery

(continued)

13,650

Oshkosh

Corp

$

1,181,953

Total

Machinery

4,656,897

Multi-Utilities

-

1.0%

9,620

Ameren

Corp

785,665

8,930

Sempra

Energy

1,300,119

Total

Multi-Utilities

2,085,784

Oil,

Gas

&

Consumable

Fuels

-

3.6%

3,920

Chevron

Corp

616,812

17,470

ConocoPhillips

1,810,066

13,100

Exxon

Mobil

Corp

1,404,975

25,080

HF

Sinclair

Corp

1,118,819

16,330

Targa

Resources

Corp

1,242,713

11,980

Valero

Energy

Corp

1,405,254

Total

Oil,

Gas

&

Consumable

Fuels

7,598,639

Pharmaceuticals

-

5.5%

28,350

Bristol-Myers

Squibb

Co

1,812,982

900

Eli

Lilly

&

Co

422,082

22,180

Johnson

&

Johnson

3,671,234

22,241

Merck

&

Co

Inc

2,566,389

60,350

Pfizer

Inc

2,213,638

31,360

Royalty

Pharma

PLC

964,006

Total

Pharmaceuticals

11,650,331

Professional

Services

-

1.4%

7,250

Automatic

Data

Processing

Inc

1,593,477

10,040

Jacobs

Solutions

Inc

1,193,656

1,750

KBR

Inc

113,855

Total

Professional

Services

2,900,988

Semiconductors

&

Semiconductor

Equipment

-

5.0%

480

Broadcom

Inc

416,366

16,070

Lattice

Semiconductor

Corp

(2)

1,543,845

15,740

NVIDIA

Corp

6,658,335

16,540

QUALCOMM

Inc

1,968,922

Total

Semiconductors

&

Semiconductor

Equipment

10,587,468

Software

-

13.4%

6,030

Adobe

Inc

(2)

2,948,610

8,530

Cadence

Design

Systems

Inc

(2)

2,000,456

24,250

Fortinet

Inc

(2)

1,833,057

8,800

Manhattan

Associates

Inc

(2)

1,758,944

42,355

Microsoft

Corp

14,423,572

11,421

Salesforce

Inc

(2)

2,412,800

4,440

Synopsys

Inc

(2)

1,933,220

21,410

Teradata

Corp

(2)

1,143,508

Total

Software

28,454,167

Specialized

REITs

-

0.8%

5,450

American

Tower

Corp

1,056,973

5,000

Life

Storage

Inc

664,800

Total

Specialized

REITs

1,721,773

Specialty

Retail

-

3.4%

15,620

Advance

Auto

Parts

Inc

1,098,086

10,240

Home

Depot

Inc/The

3,180,954

12,010

Ross

Stores

Inc

1,346,681

Nuveen

Core

Equity

Alpha

Fund

(continued)

Portfolio

of

Investments

June

30,

2023

(Unaudited)

58

JCE

Shares

Description

(1)

Value

Specialty

Retail

(continued)

20,110

TJX

Cos

Inc/The

$

1,705,127

Total

Specialty

Retail

7,330,848

Technology

Hardware,

Storage

&

Peripherals

-

8.5%

92,838

Apple

Inc

(3)

18,007,787

Total

Technology

Hardware,

Storage

&

Peripherals

18,007,787

Textiles,

Apparel

&

Luxury

Goods

-

0.5%

180

Lululemon

Athletica

Inc

(2)

68,130

50,010

VF

Corp

954,691

Total

Textiles,

Apparel

&

Luxury

Goods

1,022,821

Trading

Companies

&

Distributors

-

0.1%

690

WESCO

International

Inc

123,551

Total

Trading

Companies

&

Distributors

123,551

Wireless

Telecommunication

Services

-

0.6%

9,170

T-Mobile

US

Inc

(2)

1,273,713

Total

Wireless

Telecommunication

Services

1,273,713

Total

Common

Stocks

(cost

$175,994,681)

212,428,681

Shares

Description

(1)

Value

X

–

EXCHANGE-TRADED

FUNDS

-

1.1%

X

2,317,692

5,200

iShares

Core

S&P

500

ETF

$

2,317,692

Total

Exchange-Traded

Funds

(cost

$1,952,618)

2,317,692

Description

Type

Number

of

Contracts

Notional

Amount

(4)

Exercise

Price

Expiration

Date

Value

OPTIONS

PURCHASED

-

0.0%

X

–

CBOE

Volatility

Index

Call

10

$

22,000

$

22

7/19/23

$

200

Total

Options

Purchased

(cost

$786)

10

$

22,000

200

Total

Long-Term

Investments

(cost

$177,948,085)

214,746,573

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 2.6%  

–

REPURCHASE

AGREEMENTS

-

2.6%

X

5,494,670

$

5,495

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

6/30/23,

repurchase

price

$5,495,366,

collateralized

by

$6,404,300,

U.S.

Treasury

Note,

1.500%,

due

11/30/28,

value

$5,604,632

1.520%

7/03/23

$

5,494,670

Total

Repurchase

Agreements

(cost

$5,494,670)

5,494,670

Total

Short-Term

Investments

(cost

$5,494,670)

5,494,670

Total

Investments

(cost

$183,442,755

)

-

103.6%

220,241,243

Other

Assets

&

Liabilities,

Net

-   (3.6)%(5)

(7,637,243)

Net

Assets

Applicable

to

Common

Shares

-

100%

$

212,604,000

59

Investments

in

Derivatives

Options

Written

Description

Type

Number

of

Contracts

Notional

Amount

(4)

Exercise

Price

Expiration

Date

Value

Russell

2000

Index

Call

(10)

$

(1,900,000)

$

1,900

7/21/23

$

(23,750)

S&P

500

Index

Call

(40)

(17,200,000)

4,300

7/21/23

(661,600)

S&P

500

Index

Call

(70)

(30,275,000)

4,325

7/21/23

(992,950)

S&P

500

Index

Call

(62)

(26,970,000)

4,350

7/21/23

(734,700)

S&P

500

Index

Call

(10)

(4,450,000)

4,450

7/21/23

(44,850)

S&P

500

Index

Call

(5)

(2,250,000)

4,500

7/21/23

(11,150)

Total

Options

Written

(premiums

received

$830,465)

(197)

$(83,045,000)

$(2,469,000)

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(2)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(3)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives.

(4)

For

disclosure

purposes,

Notional

Amount

is

calculated

by

multiplying

the

Number

of

Contracts

by

the

Exercise

Price

by

100.

(5)

Other

assets

less

liabilities

includes

the

unrealized

appreciation

(depreciation)

of

certain

over-the-counter

(“OTC”)

derivatives

as

presented

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

The

unrealized

appreciation

(depreciation)

of

OTC

cleared

and

exchange-traded

derivatives

is

recognized

as

part

of

the

cash

collateral

at

brokers

and/or

the

receivable

or

payable

for

variation

margin

as

presented

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

CBOE

Chicago

Board

Options

Exchange

ETF

Exchange-Traded

Fund

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

60

\\

June

30,

2023

(Unaudited)

BXMX

DIAX

SPXX

QQQX

JCE

ASSETS

Long-term

investments,

at

value

†‡

$

1,447,208,221‌

$

579,400,118‌

$

294,036,374‌

$

1,191,169,218‌

$

214,746,573‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

–‌

–‌

221,781‌

91,507‌

–‌

Short-term

investments,

at

value

◊

41,111,132‌

10,246,686‌

4,929,183‌

20,654,303‌

5,494,670‌

Cash

7,972‌

–‌

834‌

–‌

5,103‌

Cash

denominated

in

foreign

currencies

^

551‌

–‌

–‌

–‌

–‌

Cash

collateral

at

broker

for

investments

in

options

contracts

–‌

860,000‌

540,000‌

1,270,000‌

–‌

Receivables:

Dividends

1,018,590‌

175,651‌

150,183‌

111,611‌

92,392‌

Interest

5,315‌

433‌

208‌

872‌

232‌

Investments

sold

15,102,912‌

–‌

–‌

–‌

–‌

Options

sold

4,594,930‌

–‌

–‌

–‌

–‌

Reclaims

2,633‌

–‌

–‌

329‌

–‌

Shares

sold

–‌

–‌

–‌

1,231,998‌

–‌

Deferred

offering

costs

–‌

–‌

212,589‌

39,562‌

–‌

Other

assets

355,293‌

55,922‌

56,667‌

187,465‌

43,801‌

Total

assets

1,509,407,549‌

590,738,810‌

300,147,819‌

1,214,756,865‌

220,382,771‌

LIABILITIES

Options

written,

at

value

#

40,488,010‌

5,393,162‌

2,784,775‌

11,496,786‌

2,469,000‌

Payables:

Collateral

from

securities

lending

–‌

–‌

221,781‌

91,507‌

–‌

Dividends

23,631,861‌

10,168,280‌

5,141,264‌

19,780,457‌

5,020,859‌

Options

purchased

10,237,010‌

–‌

–‌

–‌

–‌

Accrued

expenses:

Custodian

fees

89,220‌

49,873‌

50,770‌

83,244‌

44,645‌

Investor

relations

135,136‌

58,505‌

31,762‌

116,166‌

18,292‌

Management

fees

978,783‌

404,953‌

194,890‌

800,578‌

157,107‌

Trustees

fees

309,826‌

52,754‌

50,180‌

122,312‌

39,169‌

Professional

fees

17,118‌

19,444‌

13,915‌

15,060‌

17,295‌

Shareholder

reporting

expenses

66,116‌

28,396‌

17,153‌

54,898‌

8,461‌

Shareholder

servicing

agent

fees

90‌

49‌

19‌

52‌

21‌

Shelf

offering

costs

–‌

–‌

–‌

47,275‌

–‌

Other

45,234‌

21,083‌

7,959‌

75,513‌

3,922‌

Total

liabilities

75,998,404‌

16,196,499‌

8,514,468‌

32,683,848‌

7,778,771‌

Net

assets

applicable

to

common

shares

$

1,433,409,145‌

$

574,542,311‌

$

291,633,351‌

$

1,182,073,017‌

$

212,604,000‌

Common

shares

outstanding

104,165,286‌

36,366,913‌

17,960,021‌

48,696,274‌

16,084,218‌

Net

asset

value

("NAV")

per

common

share

outstanding

$

13.76‌

$

15.80‌

$

16.24‌

$

24.27‌

$

13.22‌

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

CONSIST

OF:

Common

shares,

$0.01

par

value

per

share

$

1,041,653‌

$

363,669‌

$

179,600‌

$

486,963‌

$

160,842‌

Paid-in

capital

525,608,426‌

245,232,611‌

125,528,591‌

434,965,994‌

187,761,330‌

Total

distributable

earnings

(loss)

906,759,066‌

328,946,031‌

165,925,160‌

746,620,060‌

24,681,828‌

Net

assets

applicable

to

common

shares

$

1,433,409,145‌

$

574,542,311‌

$

291,633,351‌

$

1,182,073,017‌

$

212,604,000‌

Authorized

shares:

Common

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

†

Long-term

investments,

cost

$

532,120,102‌

$

233,233,562‌

$

121,949,378‌

$

374,229,136‌

$

177,948,085‌

◊

Short-term

investments,

cost

$

41,111,132‌

$

10,246,686‌

$

4,929,183‌

$

20,654,303‌

$

5,494,670‌

‡

Includes

securities

loaned

of

$

—‌

$

—‌

$

216,838‌

$

98,313‌

$

—‌

#

Options

written,

premiums

received

$

27,664,169‌

$

3,450,347‌

$

1,751,261‌

$

9,332,004‌

$

830,465‌

^

Cash

denominated

in

foreign

currencies,

cost

$

536‌

$

—‌

$

—‌

$

—‌

$

—‌

Statement

of

Operations

See

Notes

to

Financial

Statements

61

Six

Months

Ended

June

30,

2023

(Unaudited)

BXMX

DIAX

SPXX

QQQX

JCE

INVESTMENT

INCOME

Dividends

$

11,570,318‌

$

6,414,477‌

$

2,319,761‌

$

4,864,216‌

$

1,577,984‌

Interest

397,241‌

9,697‌

4,996‌

20,093‌

3,074‌

Securities

lending

income,

net

—‌

1,248‌

12,642‌

22,130‌

153‌

Tax

withheld

(20,249‌)

—‌

(507‌)

(5,502‌)

—‌

Total

investment

income

11,947,310‌

6,425,422‌

2,336,892‌

4,900,937‌

1,581,211‌

EXPENSES

–

–

–

–

–

Management

fees

5,688,604‌

2,472,950‌

1,135,237‌

4,466,647‌

913,676‌

Shareholder

servicing

agent

fees

489‌

294‌

95‌

285‌

108‌

Interest

expense

465‌

—‌

34‌

290‌

33‌

Trustees

fees

20,476‌

8,997‌

4,170‌

15,678‌

2,877‌

Custodian

expenses

55,290‌

28,324‌

55,626‌

54,412‌

29,395‌

Investor

relations

expenses

130,706‌

59,889‌

33,923‌

119,974‌

20,538‌

Professional

fees

55,217‌

38,491‌

25,022‌

44,997‌

28,594‌

Shareholder

reporting

expenses

95,781‌

46,528‌

35,308‌

92,893‌

19,586‌

Stock

exchange

listing

fees

15,714‌

5,439‌

4,799‌

—‌

3,647‌

Other

106,086‌

60,808‌

25,517‌

160,993‌

5,479‌

Total

expenses

6,168,828‌

2,721,720‌

1,319,731‌

4,956,169‌

1,023,933‌

Net

investment

income

(loss)

5,778,482‌

3,703,702‌

1,017,161‌

(55,232‌)

557,278‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

and

foreign

currency

25,768,654‌

20,478,126‌

8,050,224‌

42,352,384‌

746,839‌

Options

written

(21,444,276‌)

(15,941,649‌)

(7,497,507‌)

(81,966,470‌)

569,941‌

Net

realized

gain

(loss)

4,324,378‌

4,536,477‌

552,717‌

(39,614,086‌)

1,316,780‌

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

and

foreign

currency

191,321,712‌

2,265,715‌

36,628,639‌

316,200,308‌

29,230,835‌

Options

written

(28,487,752‌)

(3,820,914‌)

(1,893,426‌)

(9,599,650‌)

(1,924,382‌)

Change

in

net

unrealized

appreciation

(depreciation)

162,833,960‌

(1,555,199‌)

34,735,213‌

306,600,658‌

27,306,453‌

Net

realized

and

unrealized

gain

(loss)

167,158,338‌

2,981,278‌

35,287,930‌

266,986,572‌

28,623,233‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

$

172,936,820‌

$

6,684,980‌

$

36,305,091‌

$

266,931,340‌

$

29,180,511‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

62

BXMX

DIAX

Unaudited

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

Unaudited

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

OPERATIONS

Net

investment

income

(loss)

$

5,778,482‌

$

9,828,657‌

$

3,703,702‌

$

7,248,390‌

Net

realized

gain

(loss)

4,324,378‌

130,874,764‌

4,536,477‌

26,781,810‌

Change

in

net

unrealized

appreciation

(depreciation)

162,833,960‌

(

324,625,247‌

)

(

1,555,199‌

)

(

61,332,721‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

172,936,820‌

(

183,921,826‌

)

6,684,980‌

(

27,302,521‌

)

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(

49,270,180‌

)

(

98,466,148‌

)

(

20,852,788‌

)

(

40,345,882‌

)

Return

of

Capital

–‌

–‌

–‌

(

1,359,694‌

)

Decrease

in

net

assets

applicable

to

common

shares

from

distributions

to

common

shareholders

(

49,270,180‌

)

(

98,466,148‌

)

(

20,852,788‌

)

(

41,705,576‌

)

CAPITAL

SHARE

TRANSACTIONS

Common

shares:

Net

proceeds

from

common

shares

issued

to

common

shareholders

due

to

reinvestment

of

distributions

986,113‌

—‌

—‌

—‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

capital

share

transactions

986,113‌

—‌

—‌

—‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

124,652,753‌

(

282,387,974‌

)

(

14,167,808‌

)

(

69,008,097‌

)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

1,308,756,392‌

1,591,144,366‌

588,710,119‌

657,718,216‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

1,433,409,145‌

$

1,308,756,392‌

$

574,542,311‌

$

588,710,119‌

See

Notes

to

Financial

Statements

63

SPXX

QQQX

Unaudited

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

Unaudited

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

OPERATIONS

Net

investment

income

(loss)

$

1,017,161‌

$

2,227,889‌

$

(

55,232‌

)

$

403,565‌

Net

realized

gain

(loss)

552,717‌

20,649,764‌

(

39,614,086‌

)

104,349,228‌

Change

in

net

unrealized

appreciation

(depreciation)

34,735,213‌

(

70,181,751‌

)

306,600,658‌

(

480,763,794‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

36,305,091‌

(

47,304,098‌

)

266,931,340‌

(

376,011,001‌

)

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(

10,560,492‌

)

(

20,756,114‌

)

(

40,773,949‌

)

(

93,184,576‌

)

Decrease

in

net

assets

applicable

to

common

shares

from

distributions

to

common

shareholders

(

10,560,492‌

)

(

20,756,114‌

)

(

40,773,949‌

)

(

93,184,576‌

)

CAPITAL

SHARE

TRANSACTIONS

Common

shares:

Proceeds

from

shelf

offering,

net

of

offering

costs

(

7,319‌

)

10,181,265‌

4,814,539‌

81,420,803‌

Net

proceeds

from

common

shares

issued

to

common

shareholders

due

to

reinvestment

of

distributions

135,722‌

223,858‌

1,383,355‌

2,625,827‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

capital

share

transactions

128,403‌

10,405,123‌

6,197,894‌

84,046,630‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

25,873,002‌

(

57,655,089‌

)

232,355,285‌

(

385,148,947‌

)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

265,760,349‌

323,415,438‌

949,717,732‌

1,334,866,679‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

291,633,351‌

$

265,760,349‌

$

1,182,073,017‌

$

949,717,732‌

See

Notes

to

Financial

Statements

64

JCE

Unaudited

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

OPERATIONS

Net

investment

income

(loss)

$

557,278‌

$

1,534,041‌

Net

realized

gain

(loss)

1,316,780‌

(

1,637,397‌

)

Change

in

net

unrealized

appreciation

(depreciation)

27,306,453‌

(

47,326,005‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

29,180,511‌

(

47,429,361‌

)

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(

10,293,900‌

)

(

32,669,229‌

)

Return

of

Capital

–‌

(

4,773,720‌

)

Decrease

in

net

assets

applicable

to

common

shares

from

distributions

to

common

shareholders

(

10,293,900‌

)

(

37,442,949‌

)

CAPITAL

SHARE

TRANSACTIONS

Common

shares:

Net

proceeds

from

common

shares

issued

to

common

shareholders

due

to

reinvestment

of

distributions

149,097‌

396,514‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

capital

share

transactions

149,097‌

396,514‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

19,035,708‌

(

84,475,796‌

)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

193,568,292‌

278,044,088‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

212,604,000‌

$

193,568,292‌

Financial

Highlights

66

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Common

Share

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Return

of

Capital

Total

Shelf

Offering

Costs

Premium

per

Share

Sold

through

Shelf

Offering

Net

Asset

Value,

End

of

Period

Share

Price,

End

of

Period

BXMX

6/30/23(c)

$

12.57

$

0.06

$

1.60

$

1.66

$

(0.47)

$

—

$

—

$

(0.47)

$

—

$

—

$

13.76

$

13.37

12/31/22

15.29

0.09

(1.86)

(1.77)

(0.10)

(0.85)

—

(0.95)

—

—

12.57

12.65

12/31/21

13.75

0.04

2.36

2.40

(0.07)

(0.41)

(0.38)

(0.86)

—

—

15.29

14.65

12/31/20

13.68

0.15

0.80

0.95

(0.12)

—

(0.76)

(0.88)

—(e)

—(e)

13.75

12.88

12/31/19

12.61

0.16

1.84

2.00

(0.16)

—

(0.77)

(0.93)

—(e)

—(e)

13.68

13.75

12/31/18

14.35

0.15

(0.91)

(0.76)

(0.16)

(0.37)

(0.45)

(0.98)

—(e)

—(e)

12.61

12.07

DIAX

6/30/23(c)

16.19

0.10

0.08

0.18

(0.57)

—

—

(0.57)

—

—

15.80

14.11

12/31/22

18.09

0.20

(0.95)

(0.75)

(0.20)

(0.91)

(0.04)

(1.15)

—

—

16.19

15.51

12/31/21

16.65

0.17

2.36

2.53

(0.17)

(0.16)

(0.76)

(1.09)

—

—

18.09

17.77

12/31/20

18.20

0.22

(0.66)

(0.44)

(0.22)

(0.81)

(0.08)

(1.11)

—(e)

—(e)

16.65

15.20

12/31/19

16.90

0.27

2.21

2.48

(0.27)

—

(0.91)

(1.18)

—(e)

—(e)

18.20

17.66

12/31/18

19.05

0.25

(1.16)

(0.91)

(0.25)

(0.22)

(0.77)

(1.24)

—(e)

—(e)

16.90

16.12

SPXX

6/30/23(c)

14.80

0.06

1.97

2.03

(0.59)

—

—

(0.59)

—

—

16.24

15.68

12/31/22

18.70

0.13

(2.85)

(2.72)

(0.13)

(1.05)

—

(1.18)

—

—

14.80

16.12

12/31/21

16.17

0.11

3.40

3.51

(0.11)

(0.60)

(0.27)

(0.98)

—(e)

—(e)

18.70

18.60

12/31/20

16.27

0.15

0.75

0.90

(0.15)

—

(0.85)

(1.00)

—(e)

—(e)

16.17

15.24

12/31/19

14.42

0.17

2.74

2.91

(0.18)

—

(0.88)

(1.06)

—(e)

—(e)

16.27

16.47

12/31/18

16.47

0.18

(1.12)

(0.94)

(0.18)

(0.03)

(0.91)

(1.12)

—(e)

0.01

14.42

14.04

QQQX

6/30/23(c)

19.61

—(e)

5.50

5.50

(0.84)

—

—

(0.84)

—

—

24.27

24.93

12/31/22

29.63

0.01

(8.06)

(8.05)

(0.01)

(1.96)

—

(1.97)

—

—

19.61

20.43

12/31/21

26.32

(0.06)

5.12

5.06

—

(0.78)

(1.01)

(1.79)

—(e)

0.04

29.63

30.65

12/31/20

24.12

0.04

3.70

3.74

(0.01)

—

(1.55)

(1.56)

—(e)

0.02

26.32

26.01

12/31/19

20.27

0.06

5.33

5.39

(0.05)

—

(1.51)

(1.56)

—(e)

0.02

24.12

24.05

12/31/18

22.84

0.06

(0.98)

(0.92)

(0.06)

(1.37)

(0.25)

(1.68)

—(e)

0.03

20.27

20.00

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

See

Notes

to

Financial

Statements.

67

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value(b)

Based

on

Share

Price(b)

Net

Assets,

End

of

Period

(000)

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

13.36‌

%

9.52‌

%

$

1,433,409

0.91‌

%

(d)

0.85‌

%

(d)

10‌

%

(11.63‌)

(7.09‌)

1,308,756

0.89‌

0.70‌

6‌

17.80‌

20.75‌

1,591,144

0.89‌

0.31‌

7‌

7.92‌

1.16‌

1,431,454

0.91‌

1.14‌

22‌

16.16‌

22.08‌

1,422,672

0.91‌

1.18‌

4‌

(5.56‌)

(8.88‌)

1,307,669

0.89‌

1.10‌

5‌

1.14‌

(5.34‌)

574,542

0.94‌

(d)

1.28‌

(d)

4‌

(3.92‌)

(5.93‌)

588,710

0.93‌

1.20‌

15‌

15.45‌

24.60‌

657,718

0.92‌

0.96‌

8‌

(1.49‌)

(6.73‌)

605,601

0.94‌

1.40‌

27‌

14.94‌

17.07‌

661,255

0.95‌

1.49‌

6‌

(5.01‌)

(8.27‌)

610,220

0.92‌

1.37‌

9‌

13.83‌

1.00‌

291,633

0.95‌

(d)

0.73‌

(d)

10‌

(14.70‌)

(6.79‌)

265,760

0.92‌

0.78‌

32‌

22.15‌

29.03‌

323,415

0.90‌

0.61‌

26‌

6.60‌

(0.24‌)

277,949

0.93‌

1.03‌

20‌

20.62‌

25.40‌

275,280

0.99‌

1.11‌

8‌

(6.03‌)

(12.99‌)

238,344

0.91‌

1.08‌

16‌

28.24‌

26.38‌

1,182,073

0.92‌

(d)

(0.01‌)

(d)

8‌

(27.68‌)

(27.25‌)

949,718

0.92‌

0.04‌

36‌

19.85‌

25.39‌

1,334,867

0.90‌

(0.21‌)

32‌

16.61‌

15.66‌

1,092,308

0.94‌

0.15‌

20‌

27.33‌

28.73‌

951,945

0.91‌

0.25‌

11‌

(4.39‌)

(11.15‌)

766,930

0.91‌

0.25‌

23‌

(c)

Unaudited.

(d)

Annualized.

(e)

Value

rounded

to

zero.

Financial

Highlights

(continuted)

68

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Common

Share

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Return

of

Capital

Total

Premium

per

Share

Sold

through

Shelf

Offering

Net

Asset

Value,

End

of

Period

Share

Price,

End

of

Period

JCE

6/30/23(c)

$

12.04

$

0.03

$

1.79

$

1.82

$

(

0.64

)

$

—

$

—

$

(

0.64

)

$

—

$

13.22

$

12.76

12/31/22

17.33

0.10

(

3.06

)

(

2.96

)

(

0.10

)

(

1.93

)

(

0.30

)

(

2.33

)

—

12.04

13.54

12/31/21

15.21

0.01

3.95

3.96

(

0.07

)

(

1.77

)

—

(

1.84

)

—

17.33

18.58

12/31/20

15.04

0.14

0.96

1.10

(

0.10

)

(

0.83

)

—

(

0.93

)

—

(e)

15.21

14.07

12/31/19

12.68

0.09

3.27

3.36

(

0.10

)

(

0.55

)

(

0.35

)

(

1.00

)

—

15.04

14.62

12/31/18

14.76

0.07

(

1.04

)

(

0.97

)

(

0.07

)

(

1.04

)

—

(

1.11

)

—

12.68

12.03

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

Unaudited.

(d)

Annualized.

(e)

Value

rounded

to

zero.

See

Notes

to

Financial

Statements

69

Ratios

to

Average

Net

Assets

Expenses

NII

(Loss)

12/31/20

1.23%

0.94%

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value(b)

Based

on

Share

Price(b)

Net

Assets,

End

of

Period

(000)

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

15

.31‌

%

(

0

.84‌

)

%

$

212,604

1

.02‌

%

(d)

0

.55‌

%

(d)

51‌

%

(

17

.30‌

)

(

14

.07‌

)

193,568

1

.00‌

0

.66‌

92‌

26

.91‌

47

.15‌

278,044

0

.98‌

0

.09‌

104‌

8

.42‌

3

.62‌

243,790

1

.17‌

(f)

1

.00‌

(f)

169‌

26

.96‌

30

.26‌

241,024

1

.01‌

0

.64‌

35‌

(

7

.17‌

)

(

10

.86‌

)

203,322

1

.01‌

0

.47‌

121‌

(f)

During

the

period

ended

December

31,

2020,

the

Adviser

voluntarily

reimbursed

the

Fund

for

certain

expenses

incurred

in

connection

with

a

common

shares

equity

shelf

program.

As

a

result,

the

Expenses

and

Net

Investment

Income

(Loss)

Ratios

to

Average

Net

Assets

reflect

this

voluntary

expense

reimbursement

from

Adviser.

The

Expenses

and

Net

Investment

Income

(Loss)

Ratios

to

Average

Net

Assets

excluding

this

expense

reimbursement

from

Adviser

were

as

follows:

70

Notes

to

Financial

Statements

(Unaudited)

1.

General

Information 

Fund

Information:

The

funds

covered

in

this

report

and

their

corresponding

New

York

Stock

Exchange

(“NYSE”)

or

Nasdaq

National

Market

(“Nasdaq”)

symbols

are

as

follows

(each

a

“Fund”

and

collectively,

the

“Funds”):

Nuveen

S&P

500

Buy-Write

Income

Fund

(BXMX)

Nuveen

Dow

30SM

Dynamic

Overwrite

Fund

(DIAX)

Nuveen

S&P

500

Dynamic

Overwrite

Fund

(SPXX)

Nuveen

Nasdaq

100

Dynamic

Overwrite

Fund

(QQQX)

Nuveen

Core

Equity

Alpha

Fund

(JCE)

The

Funds

are

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended,

as

diversified

(non-diversified

for

DIAX

and

QQQX)

closed-end

management

investment

companies.

Shares

of

BXMX,

DIAX,

SPXX

and

JCE

are

traded

on

the

NYSE

while

shares

of

QQQX

are

traded

on

the

Nasdaq.

BXMX,

DIAX,

SPXX,

QQQX

and

JCE

were

organized

as

Massachusetts

business

trusts

on

July

23,

2004,

May

20,

2014,

November

11,

2004,

May

20,

2014

and

January

9,

2007,

respectively.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

June

30,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

June

30,

2023

(the

"current

fiscal

period").

Investment

Adviser

and

Sub-Adviser:

The

Funds’

investment

adviser

is

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds’

portfolios,

manages

the

Funds’

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

The

Adviser

has

entered

into

sub-

advisory

agreements

with

Gateway

Investment

Advisers,

LLC

(“Gateway”),

under

which

Gateway

manages

BXMX’s

investment

portfolio

and

Nuveen

Asset

Management,

LLC

(“NAM”),

a

subsidiary

of

the

Adviser,

under

which

NAM

manages

the

investment

portfolios

of

DIAX,

SPXX,

QQQX

and

JCE.

Developments

Regarding

the

Funds'

Control

Share

By-Law:

On

October

5,

2020,

the

Funds

and

certain

other

closed-end

funds

in

the

Nuveen

fund

complex

amended

their

by-laws.

Among

other

things,

the

amended

by-laws

included

provisions

pursuant

to

which,

in

summary,

a

shareholder

who

obtains

beneficial

ownership

of

common

shares

in

a

Control

Share

Acquisition

(as

defined

in

the

by-laws)

shall

have

the

same

voting

rights

as

other

common

shareholders

only

to

the

extent

authorized

by

the

other

disinterested

shareholders

(the

“Control

Share

By-Law”).

On

January

14,

2021,

a

shareholder

of

certain

Nuveen

closed-end

funds

filed

a

civil

complaint

in

the

U.S.

District

Court

for

the

Southern

District

of

New

York

(the

“District

Court”)

against

certain

Nuveen

funds

and

their

trustees,

seeking

a

declaration

that

such

funds’

Control

Share

By-Laws

violate

the

1940

Act,

rescission

of

such

fund’s

Control

Share

By-Laws

and

a

permanent

injunction

against

such

funds

applying

the

Control

Share

By-Laws.

On

February

18,

2022,

the

District

Court

granted

judgment

in

favor

of

the

plaintiff’s

claim

for

rescission

of

such

funds’

Control

Share

By-Laws

and

the

plaintiff’s

declaratory

judgment

claim,

and

declared

that

such

funds’

Control

Share

By-Laws

violate

Section

18(i)

of

the

1940

Act.

Following

review

of

the

judgment

of

the

District

Court,

on

February

22,

2022,

the

Funds'

Board

of

Trustees

(the

"Board")

amended

the

Fund’s

by-laws

to

provide

that

the

Funds'

Control

Share

By-Law

shall

be

of

no

force

and

effect

for

so

long

as

the

judgment

of

the

District

Court

is

effective

and

that

if

the

judgment

of

the

District

Court

is

reversed,

overturned,

vacated,

stayed,

or

otherwise

nullified,

the

Fund's

Control

Share

By-Law

will

be

automatically

reinstated

and

apply

to

any

beneficial

owner

of

common

shares

acquired

in

a

Control

Share

Acquisition,

regardless

of

whether

such

Control

Share

Acquisition

occurs

before

or

after

such

reinstatement,

for

the

duration

of

the

stay

or

upon

issuance

of

the

mandate

reversing,

overturning,

vacating

or

otherwise

nullifying

the

judgment

of

the

District

Court.

On

February

25,

2022,

the

Board

and

the

Funds

appealed

the

District

Court’s

decision

to

the

U.S.

Court

of

Appeals

for

the

Second

Circuit.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates. Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

–

Investment

Companies.

The

net

asset

value

(“NAV”)

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

shareholder

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

71

Compensation:

The

Funds pay

no

compensation

directly

to

those

of its

officers,

all

of

whom

receive

remuneration

for

their

services

to

the

Funds

from

the

Adviser

or

its

affiliates.

The Board has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Distributions

to

Common

Shareholders:

Distributions

to

common shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Each

Fund

makes

quarterly

cash

distributions

to

shareholders

of

a

stated

dollar

amount

per

share.

Subject

to

approval

and

oversight

by

the

Board,

each

Fund

seeks

to

maintain

a

stable

distribution

level

designed

to

deliver

the

long-term

return

potential

of

each

Fund’s

investment

strategy

through

regular

quarterly

distributions

(a

“Managed

Distribution

Program”).

Total

distributions

during

a

calendar

year

generally

will

be

made

from

each

Fund’s

net

investment

income,

net

realized

capital

gains

and

net

unrealized

capital

gains

in

the

Fund’s

portfolio,

if

any.

The

portion

of

distributions

paid

attributed

to

net

unrealized

gains,

if

any,

is

distributed

from

the

Fund’s

assets

and

is

treated

by

shareholders

as

a

non-taxable

distribution

(“return

of

capital”)

for

tax

purposes.

In

the

event

that

total

distributions

during

a

calendar

year

exceed

a

Fund’s

total

return

on

NAV,

the

difference

will

reduce

NAV

per

share.

If

a

Fund’s

total

return

on

NAV

exceeds

total

distributions

during

a

calendar

year,

the

excess

will

be

reflected

as

an

increase

in

NAV

per

share.

The

final

determination

of

the

source

and

character

of

all

distributions

paid

by

a

Fund

during

the

fiscal

year

is

made

after

the

end

of

the

fiscal

year

and

is

reflected

in

the

financial

statements

contained

in

the

annual

report

as

of

December

31

each

year.

Foreign

Currency

Transactions

and

Translation:  

To

the

extent

that

the

Funds

invest

in

securities

and/or

contracts

that

are

denominated

in

a

currency

other

than

U.S.

dollars,

the

Funds

will

be

subject

to

currency

risk,

which

is

the

risk

that

an

increase

in

the

U.S.

dollar

relative

to

the

foreign

currency

will

reduce

returns

or

portfolio

value.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

Funds’

investments

denominated

in

that

currency

will

lose

value

because

their

currency

is

worth

fewer

U.S.

dollars;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value.

Investments

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

converted

into

U.S.

dollars

on

a

spot

(i.e.

cash)

basis

at

the

spot

rate

prevailing

in

the

foreign

currency

exchange

market

at

the

time

of

valuation.

Purchases

and

sales

of

investments

and

income

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

on

the

respective

dates

of

such

transactions.

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Funds

and

the

amounts

actually

received

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

net

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related

“Change

in

net

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

foreign

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The

Fund

will

accrue

such

taxes

and

recoveries

as

applicable,

based

upon

the

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

the

Fund

invest.

Indemnifications:

Under

the

Funds'

organizational

documents, their

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the Funds

enter

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Funds'

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Funds

that

have

not

yet

occurred.

However,

the Funds

have

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Dividend

income

is

recorded

on

the

ex-dividend

date

or,

for

certain

foreign

securities,

when

information

is

available.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recognized

on

the

ex-dividend

date

and

recorded

at

fair

value.

interest

income

is

recorded

on

an

accrual

basis.

Interest

income

also

reflects

payment-in-kind

(“PIK”)

interest

and

paydown

gains

and

losses,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Securities

lending

income

is

comprised

of

fees

earned

from

borrowers

and

income

earned

on

cash

collateral

investments.

Netting

Agreements:

In

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable

International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the

Funds

is

held

in

a

segregated

account

by

the

Funds’

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged,

are

presented

in

the

Funds’

Portfolio

of

Investments

or

Statement

of

Assets

and

Liabilities.

72

Notes

to

Financial

Statements

(Unaudited)

(continued)

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

later

in

these

Notes

to

Financials.

New

Accounting

Pronouncement: 

In

March

2020,

FASB

issued

Accounting

Standards

Update

("ASU")

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Funds

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

In

December

2022,

FASB

deferred

ASU

2022-04

and

issued

ASU

2022-06,

Reference

Rate

Reform:

Deferral

of

the

Sunset

Date

of

Topic

848,

which

extends

the

application

of

the

amendments

through

December

31,

2024.

Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Funds’

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Funds’

financial

statements

and

various

filings.

New

Accounting

Pronouncement:

In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

("Topic

820").

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Funds'

financial

statements.

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported sales

price

or

official

closing

price of such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the valuation

date.

For

events affecting

the value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Funds'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board. To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1. When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price, these

securities

are

generally

classified

as

Level

2.

Prices

of

certain

American

Depositary

Receipts

(“ADR”)

held

by

the

Funds

that

trade

in

the

United

States

are

valued

based

on

the

last

traded

price,

official

closing

price,

or

an

evaluated

price

provided

by

the

pricing

services and

are

generally

classified

as

Level

1

or

2.

Purchased

and

written

options

traded

and

listed

on

a

national

market

or

exchange

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

are

generally

classified

as

Level

1.

Over-the-counter

(“OTC”)

options

are

marked-to-market

daily

based

upon

a

price

supplied

by

a

pricing

service.

OTC

options

are

generally

classified

as

Level

2.

Investments

in

investment

companies

are

valued

at

their

respective

NAVs

or

share

price on

the

valuation

date

and

are

generally

classified

as

Level

1. 

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

73

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

BXMX

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

1,447,208,221

$

–

$

–

$

1,447,208,221

Short-Term

Investments:

Repurchase

Agreements

–

41,111,132

–

41,111,132

Investments

in

Derivatives:

Options

Written

(40,488,010)

–

–

(40,488,010)

Total

$

1,406,720,211

$

41,111,132

$

–

$

1,447,831,343

DIAX

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

574,106,256

$

–

$

–

$

574,106,256

Exchange-Traded

Funds

5,286,720

–

–

5,286,720

Options

Purchased

6,500

642

–

7,142

Short-Term

Investments:

Repurchase

Agreements

–

10,246,686

–

10,246,686

Investments

in

Derivatives:

Options

Written

(4,473,700)

(919,462)

–

(5,393,162)

Total

$

574,925,776

$

9,327,866

$

–

$

584,253,642

SPXX

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

288,746,083

$

–

$

–

$

288,746,083

Exchange-Traded

Funds

5,286,720

–

–

5,286,720

Options

Purchased

3,250

321

–

3,571

Investments

Purchased

with

Collateral

from

Securities

Lending

221,781

–

–

221,781

Short-Term

Investments:

Repurchase

Agreements

–

4,929,183

–

4,929,183

Investments

in

Derivatives:

Options

Written

(2,171,800)

(612,975)

–

(2,784,775)

Total

$

292,086,034

$

4,316,529

$

–

$

296,402,563

QQQX

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

1,175,081,636

$

–

$

–

$

1,175,081,636

Exchange-Traded

Funds

16,080,440

–

–

16,080,440

Options

Purchased

6,500

642

–

7,142

Investments

Purchased

with

Collateral

from

Securities

Lending

91,507

–

–

91,507

Short-Term

Investments:

Repurchase

Agreements

–

20,654,303

–

20,654,303

Investments

in

Derivatives:

Options

Written

(9,964,350)

(1,532,436)

–

(11,496,786)

Total

$

1,181,295,733

$

19,122,509

$

–

$

1,200,418,242

74

Notes

to

Financial

Statements

(Unaudited)

(continued)

4.

Portfolio

Securities

Repurchase

Agreements:

In

connection

with

transactions

in

repurchase

agreements,

it

is

each

Fund's

policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

The

following

table

presents

the

repurchase

agreements

for

the

Funds

that

are

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

and

the

collateral

delivered

related

to

those

repurchase

agreements.

Securities

Lending:

Each

Fund

may

lend

securities

representing

up

to

one-third

of

the

value

of

its

total

assets

to

broker-dealers,

banks,

and

other

institutions

in

order

to

generate

additional

income.

When

loaning

securities, a

Fund

retains

the

benefits

of

owning

the

securities,

including

the

economic

equivalent

of

dividends

or

interest

generated

by

the

security.

The

loans

are

continuous,

can

be

recalled

at

any

time,

and

have

no

set

maturity.

The

Funds’

custodian,

State

Street

Bank

and

Trust

Company,

serves

as

the

securities

lending

agent

(the

“Agent”).

When

a

Fund

loans

its

portfolio

securities,

it

will

receive,

at

the

inception

of

each

loan,

cash

collateral

equal

to

an

amount

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

actual

percentage

of

the

cash

collateral

will

vary

depending

upon

the

asset

type

of

the

loaned

securities.

Collateral

for

the

loaned

securities

is

invested

in

a

government

money

market

vehicle

maintained

by

the

Agent,

which

is

subject

to

the

requirements

of

Rule

2a-7

under

the

1940

Act.

The

value

of

the

loaned

securities

and

the

liability

to

return

the

cash

collateral

received

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

If

the

market

value

of

the

loaned

securities

increases,

the

borrower

must

furnish

additional

collateral

to

the

Fund,

which

is

also

recognized

on

the

Statement

of

Assets

and

Liabilities.

Securities

out

on

loan

are

subject

to

termination

at

any

time

at

the

option

of

the

borrower

or

the

Fund.

Upon

termination,

the

borrower

is

required

to

return

to

the

Fund

securities

identical

to

the

securities

loaned.

During

the

term

of

the

loan,

the

Fund

bears

the

market

risk

with

respect

to

the

investment

of

collateral

and

the

risk

that

the

Agent

may

default

on

its

contractual

obligations

to

the

Fund.

The

Agent

bears

the

risk

that

the

borrower

may

default

on

its

obligation

to

return

the

loaned

securities

as

the

Agent

is

contractually

obligated

to

indemnify

the

Fund

if

at

the

time

of

a

default

by

a

borrower

some

or

all

of

the

loan

securities

have

not

been

returned.

Securities

lending

income

recognized

by

a

Fund

consists

of

earnings

on

invested

collateral

and

lending

fees,

net

of

any

rebates

to

the

borrower

and

compensation

to

the

Agent.

Such

income

is

recognized

on

the

Statement

of

Operations.

As

of

the

end

of

the

current

reporting

period,

the

total

value

of

the

loaned

securities

and

the

total

value

of

collateral

received

were

as

follows:

Purchases

and

Sales:

Long-term

purchases

and

sales

during

the

current fiscal

period

were

as

follows:

JCE

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

212,428,681

$

–

$

–

$

212,428,681

Exchange-Traded

Funds

2,317,692

–

–

2,317,692

Options

Purchased

200

–

–

200

Short-Term

Investments:

Repurchase

Agreements

–

5,494,670

–

5,494,670

Investments

in

Derivatives:

Options

Written

(2,469,000)

–

–

(2,469,000)

Total

$

212,277,573

$

5,494,670

$

–

$

217,772,243

Fund

Counterparty

Short-term

Investments,

at

Value

Collateral

Pledged

(From)

Counterparty

BXMX

Fixed

Income

Clearing

Corporation

$

41,111,132

$

(41,933,512)

DIAX

Fixed

Income

Clearing

Corporation

10,246,686

(10,451,659)

SPXX

Fixed

Income

Clearing

Corporation

4,929,183

(5,027,830)

QQQX

Fixed

Income

Clearing

Corporation

20,654,303

(21,067,406)

JCE

Fixed

Income

Clearing

Corporation

5,494,670

(5,604,632)

Fund

Asset

Class

out

on

Loan

Long-Term

Investments,

at

Value

Total

Collateral

Received

SPXX

Common

Stocks

$

216,838

$

221,781

QQQX

Common

Stocks

98,313

91,507

75

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

The

Funds

have

earmarked

securities

in

their

portfolios

with

a

current

value

at

least

equal

to

the

amount

of

the

when-issued/

delayed

delivery

purchase

commitments.

If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

5.

Derivative

Investments

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Options

Transactions:

The

Funds

may

purchase

(buy)

or

write

(sell)

put

and

call

options

on

specific

securities

(including

groups

or

"baskets"

of

specific

securities),

interest

rates,

stock

indices

and/or

bond

indices

(each

a

“financial

instrument”).

Options

can

be

settled

either

directly

with

the

counterparty

(over

the

counter)

or

through

a

central

clearing

house

(exchange

traded).

Call

and

put

options

give

the

holder

the

right,

in

return

for

a

premium

paid,

to

purchase

or

sell,

respectively,

a

financial

instrument

at

a

specified

exercise

price

at

any

time

during

the

period

of

the

option.

When

a

Fund

purchases

an

option,

an

amount

equal

to

the

premium

paid

(the

premium

plus

commission)

is

recognized

as

an

asset

on

the

Statement

of

Asset

and

Liabilities.

When

a

Fund

writes

an

option,

an

amount

equal

to

the

net

premium

received

(the

premium

less

commission)

is

recognized

as

a

liability

on

the

Statement

of

Assets

and

Liabilities

and

is

subsequently

adjusted

to

reflect

the

current

value

of

the

written

option

until

the

option

is

exercised

or

expires

or

the

Fund

enters

into

a

closing

purchase

transaction.

The

changes

in

the

value

of

options

purchased

and/or

written

during

the

fiscal

period

are

recognized

as

in

unrealized

appreciation

(depreciation)

on

the

Statement

of

Operations.

When

an

option

expires,

the

premiums

received

or

paid

are

recognized

as

realized

gains

or

losses

on

the

Statement

of

Operations.

When

an

option

is

exercised

or

a

closing

purchase

transaction

is

entered

into,

the

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

recognized

as

a

realized

gain

or

loss

on

the

Statement

of

Operations.

The

market

risk

associated

with

purchasing

options

is

limited

to

the

premium

paid.

The

Fund,

as

writer

of

an

option,

has

no

control

over

whether

the

underlying

instrument

may

be

sold

(called)

or

purchased

(put)

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

market

value

of

the

instrument

underlying

the

written

option.

There

is

also

the

risk

the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

During

the

current

fiscal

period,

BXMX

wrote

call

options

on

equity

indices

as

per

its

stated

strategy,

with

the

notional

amount

of

these

options

averaging

99%

of

the

Fund’s

assets.

During

the

current

fiscal

period,

DIAX,

SPXX

and

QQQX,

each

wrote

call

options

on

equity

indices

as

per

its

stated

dynamic

overwriting

strategy

with

the

notional

amounts

of

these

options

ranging

from

approximately

35-75%

of

each

Fund’s

assets.

DIAX,

SPXX

and

QQQX

also

purchased

put

and

call

options

as

part

of

their

overwrite

strategy.

During

the

current

fiscal

period,

JCE

continued

to

write

and

purchase

call

options

on

equity

indexes,

while

investing

in

a

portfolio

that

included

equities

to

enhance

returns

while

foregoing

some

upside

potential

of

its

equity

portfolio.

The

average

notional

amount

of

outstanding

options purchased

during

the

current

fiscal

period,

was

as

follows:

The

average

notional

amount

of

outstanding

options

written

during

the

current

fiscal

period,

was

as

follows:

Fund

Purchases

Sales

BXMX

$

134,039,188

$

209,461,147

DIAX

25,215,149

60,811,908

SPXX

26,960,027

44,386,314

QQQX

86,634,156

208,814,486

JCE

103,997,213

111,942,995

Fund

Average

Notional

Amount

of

Options

Contracts

Purchased

Outstanding

*

DIAX

$

1,840,000

SPXX

920,000

QQQX

1,840,000

JCE

7,333

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

76

Notes

to

Financial

Statements

(Unaudited)

(continued)

Market

and

Counterparty

Credit

Risk:

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

pre-determined

threshold

amount.

As

of the

end

of

the

reporting

period,

the

following

Funds

have

invested

in

derivative

contracts

which

are

reflected

in

the

Statement

of

Assets

and

Liabilities

as

follows:

During

the

current

fiscal

period,

the

effect

of

derivative

contracts

on

the

Funds'

Statement

of

Operations

was

as

follows:

Fund

Average

Notional

Amount

of

Options

Contracts

Written

Outstanding

*

BXMX

$

(1,363,750,833)

DIAX

(291,316,667)

SPXX

(139,605,000)

QQQX

(552,318,333)

JCE

(70,150,000)

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

BXMX

Options

Written

Equity

-

$

–

Options

written,

at

value

$

(40,488,010)

1

1

1

1

1

1

1

1

DIAX

Options

Purchased

Equity

Long-term

investments,

at

value

7,142

-

Options

Written

Equity

-

–

Options

written,

at

value

(5,393,162)

1

1

1

1

1

1

1

1

SPXX

Options

Purchased

Equity

Long-term

investments,

at

value

3,571

-

Options

Written

Equity

-

–

Options

written,

at

value

(2,784,775)

1

1

1

1

1

1

1

1

QQQX

Options

Purchased

Equity

Long-term

investments,

at

value

7,142

-

Options

Written

Equity

-

–

Options

written,

at

value

(11,496,786)

1

1

1

1

1

1

1

1

JCE

Options

Purchased

Equity

Long-term

investments,

at

value

200

-

Options

Written

Equity

-

–

Options

written,

at

value

(2,469,000)

1

1

1

1

1

1

1

1

77

6.

Fund

Shares

Common

Shares

Equity

Shelf

Programs

and

Offering

Costs:

The

following

Funds

have

filed

a

registration

statement

with

the

SEC

authorizing each

Fund

to

issue

additional

common

shares

through

one

or

more

equity

shelf

programs

(“Shelf

Offering”),

which

became

effective

with

the

SEC

during

prior

fiscal

periods.

Under

this

Shelf

Offering,

the

Funds,

subject

to

market

conditions,

may

raise

additional

equity

capital

by

issuing

additional

common

shares

from

time

to

time

in

varying

amounts

and

by

different

offering

methods

at

a

net

price

at

or

above each

Fund’s

NAV

per

common

share.

In

the

event

the

Fund’s

Shelf

Offering

registration

statement

is

no

longer

current,

the

Fund

may

not

issue

additional

common

shares

until

a

post-effective

amendment

to

the

registration

statement

has

been

filed

with

the

SEC.

Additional

authorized

common

shares,

common

shares

sold

and

offering

proceeds,

net

of

offering

costs

under

each

Fund’s

Shelf

Offering

during

the

Funds’

current

and

prior fiscal

period

were

as

follows:

Costs

incurred

by

the

Funds

in

connection

with their

initial

shelf

registrations

are

recorded

as

a

prepaid

expense

and

recognized

as

“Deferred

offering

costs”

on

the

Statement

of

Assets

and

Liabilities.

These

costs

are

amortized

pro

rata

as

common

shares

are

sold

and

are

recognized

as

a

component

of

“Proceeds

from

shelf

offering,

net

of

offering

costs”

on

the

Statement

of

Changes

in

Net

Assets.

Any

deferred

offering

costs

remaining

after

the

effectiveness

of

the

initial

shelf

registration

will

be

expensed.

Costs

incurred

by

the

Fund

to

keep

the

shelf

registration

current

are

expensed

as

incurred

and

recognized

as

a

component

of

“Other

expenses”

on

the

Statement

of

Operations.

Common Share

Transactions:

Transactions

in common

shares

for

the

Funds

during

the

Funds’

current

and

prior

fiscal

period,

where

applicable,

were

as

follows:

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

BXMX

Options

Written

Equity

$

(21,444,276)

$

(28,487,752)

DIAX

Options

Purchased

Equity

(105,959)

(23,009)

Options

Written

Equity

(15,941,649)

(3,820,914)

SPXX

Options

Purchased

Equity

(50,079)

(11,504)

Options

Written

Equity

(7,497,507)

(1,893,426)

QQQX

Options

Purchased

Equity

(114,202)

(23,010)

Options

Written

Equity

(81,966,470)

(9,599,650)

JCE

Options

Purchased

Equity

(8,655)

(586)

Options

Written

Equity

569,941

(1,924,382)

SPXX

QQQX

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

Maximum

aggregate

offering

$4,993,317

$4,993,317

Unlimited

$–

Common

shares

sold

–

639,749

192,461

3,280,964

Offering

proceeds,

net

of

offering

costs

$(7,319)

$10,181,265

$4,814,539

$81,420,803

78

Notes

to

Financial

Statements

(Unaudited)

(continued)

7.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

invsetments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

prior

fiscal

period

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

BXMX

SPXX

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

Common

Shares:

Sold

through

shelf

offering

—

—

—

639,749

Issued

to

shareholders

due

to

reinvestment

of

distributions

78,499

—

8,862

14,838

Total

78,499

—

8,862

654,587

Weighted

average

common

share:

Premium

to

NAV

per

shelf

offering

common

share

sold

–%

–%

–%

1.77%

QQQX

JCE

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

Common

Shares:

Sold

through

shelf

offering

192,461

3,280,964

—

—

Issued

to

shareholders

due

to

reinvestment

of

distributions

66,040

109,290

11,591

25,025

Total

258,501

3,390,254

11,591

25,025

Weighted

average

common

share:

Premium

to

NAV

per

shelf

offering

common

share

sold

4.61%

2.37%

–%

–%

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

BXMX

$

533,356,489

$

923,629,902

$

(9,155,048)

$

914,474,854

DIAX

239,812,526

359,526,105

(15,084,989)

344,441,116

SPXX

125,260,213

175,519,814

(4,377,464)

171,142,350

QQQX

392,120,715

823,448,238

(15,150,711)

808,297,527

JCE

181,223,254

40,729,224

(4,180,235)

36,548,989

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

BXMX

$

18,370,943

$

41,451,927

$

723,269,556

$

—

$

—

$

—

$

783,092,426

DIAX

—

—

343,113,839

—

—

—

343,113,839

SPXX

—

5,035,575

135,144,986

—

—

—

140,180,561

QQQX

5,025,099

21,358,038

494,079,532

—

—

—

520,462,669

JCE

—

—

7,318,154

(1,485,191)

—

(37,746)

5,795,217

79

As

of

prior

fiscal

period

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

8.

Management

Fees

and

Other

Transactions

with

Affiliates

The

management

fee

compensates

the

Adviser

for

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

Gateway

and

NAM

are

compensated

for

their

services

to

the

Funds

from

the

management

fees

paid

to

the

Adviser.

Each

Fund’s

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within

each

individual

Fund,

and

a

complex-level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser.

This

pricing

structure

enables

Fund

shareholders

to

benefit

from

growth

in

the

assets

within

their

respective

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

The

annual

fund-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedules:

The

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

calculated

by

multiplying

the

current

complex-wide

fee

rate,

determined

according

to

the

following

schedule

by

the

Funds’

daily

managed

assets:

*

For

the

complex-level

fees,

managed

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

certain

types

of

leverage.

For

these

purposes,

leverage

includes

the

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

managed

assets

in

certain

circumstances.

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

managed

assets

of

all

Nuveen

open-end

and

closed-end

funds

that

constitute

‘’eligible

assets.”

Eligible

assets

do

not

include

assets

attributable

to

investments

in

other

Nuveen

funds

or

assets

in

excess

of

a

determined

amount

(originally

$2

billion)

added

to

the

Nuveen

fund

complex

in

connection

with

the

Adviser’s

assumption

of

the

management

of

the

former

First

American

Funds

effective

January

1,

2011,

but

do

not

include

certain

assets

of

certain

Nuveen

funds

that

were

reorganized

into

funds

advised

by

an

affiliate

of

the

Adviser

during

the

2019

calendar

year.

As

of

June

30,

2023,

the

complex-level

fee

for

each

Fund

was

as

follows:

Fund

Short-Term

Long-Term

Total

BXMX

$

—

$

—

$

—

DIAX

—

—

—

SPXX

—

—

—

QQQX

—

—

—

JCE

1,485,191

—

1,485,191

Average

Daily

Managed

Assets*

BXMX

DIAX

SPXX

QQQX

JCE

For

the

first

$500

million

0.7000

%

0.7000

%

0.6600

%

0.6900

%

0.7500

%

For

the

next

$500

million

0.6750

0.6750

0.6350

0.6650

0.7250

For

the

next

$500

million

0.6500

0.6500

0.6100

0.6400

0.7000

For

the

next

$500

million

0.6250

0.6250

0.5850

0.6150

0.6750

For

managed

assets

over

$2

billion

0.6000

0.6000

0.5600

0.5900

0.6500

Complex-Level

Eligible

Asset

Breakpoint

Level*

Effective

Complex-Level

Fee

Rate

at

Breakpoint

Level

$55

billion

0.2000

%

$56

billion

0.1996

$57

billion

0.1989

$60

billion

0.1961

$63

billion

0.1931

$66

billion

0.1900

$71

billion

0.1851

$76

billion

0.1806

$80

billion

0.1773

$91

billion

0.1691

$125

billion

0.1599

$200

billion

0.1505

$250

billion

0.1469

$300

billion

0.1445

80

Notes

to

Financial

Statements

(Unaudited)

(continued)

Other

Transactions

with

Affiliates:

Each

Fund

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

(“Affiliated

Entity”)

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board

("cross-trade").

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

an

Affiliated

Entity

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

adviser),

common

officer

and/or

common

trustee

complies

with

Rule

17a-7

under

the

1940

Act.

These

transactions

are

effected

at

the

current

market

price

(as

provided

by

an

independent

pricing

service)

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Funds

engaged

in

cross-trades

pursuant

to

these

procedures

as

follows:

9.

Inter-Fund

Borrowing

and

Lending

Inter-Fund

Borrowing

and

Lending:

The

SEC

has

granted

an

exemptive

order

permitting

registered

open-end

and

closed-end

Nuveen

funds

to

participate

in

an

inter-fund

lending

facility

whereby

the

Nuveen

funds

may

directly

lend

to

and

borrow

money

from

each

other

for

temporary

purposes

(e.g.,

to

satisfy

redemption

requests

or

when

a

sale

of

securities

“fails,”

resulting

in

an

unanticipated

cash

shortfall)

(the

“Inter-Fund

Program”).

The

closed-end

Nuveen

funds,

including

the

Funds

covered

by

this

shareholder

report,

will

participate

only

as

lenders,

and

not

as

borrowers,

in

the

Inter-Fund

Program

because

such

closed-end

funds

rarely,

if

ever,

need

to

borrow

cash

to

meet

redemptions.

The

Inter-Fund

Program

is

subject

to

a

number

of

conditions,

including,

among

other

things,

the

requirements

that

(1)

no

fund

may

borrow

or

lend

money

through

the

Inter-Fund

Program

unless

it

receives

a

more

favorable

interest

rate

than

is

typically

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction;

(2)

no

fund

may

borrow

on

an

unsecured

basis

through

the

Inter-Fund

Program

unless

the

fund’s

outstanding

borrowings

from

all

sources

immediately

after

the

inter-fund

borrowing

total

10%

or

less

of

its

total

assets;

provided

that

if

the

borrowing

fund

has

a

secured

borrowing

outstanding

from

any

other

lender,

including

but

not

limited

to

another

fund,

the

inter-fund

loan

must

be

secured

on

at

least

an

equal

priority

basis

with

at

least

an

equivalent

percentage

of

collateral

to

loan

value;

(3)

if

a

fund’s

total

outstanding

borrowings

immediately

after

an

inter-fund

borrowing

would

be

greater

than

10%

of

its

total

assets,

the

fund

may

borrow

through

the

inter-fund

loan

on

a

secured

basis

only;

(4)

no

fund

may

lend

money

if

the

loan

would

cause

its

aggregate

outstanding

loans

through

the

Inter-Fund

Program

to

exceed

15%

of

its

net

assets

at

the

time

of

the

loan;

(5)

a

fund’s

inter-fund

loans

to

any

one

fund

shall

not

exceed

5%

of

the

lending

fund’s

net

assets;

(6)

the

duration

of

inter-

fund

loans

will

be

limited

to

the

time

required

to

receive

payment

for

securities

sold,

but

in

no

event

more

than

seven

days;

and

(7)

each

inter-fund

loan

may

be

called

on

one

business

day’s

notice

by

a

lending

fund

and

may

be

repaid

on

any

day

by

a

borrowing

fund.

In

addition,

a

Nuveen

fund

may

participate

in

the

Inter-Fund

Program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

the

fund’s

investment

objective

and

investment

policies.

The

Board

is

responsible

for

overseeing

the

Inter-Fund

Program.

The

limitations

detailed

above

and

the

other

conditions

of

the

SEC

exemptive

order

permitting

the

Inter-Fund

Program

are

designed

to

minimize

the

risks

associated

with

Inter-Fund

Program

for

both

the

lending

fund

and

the

borrowing

fund.

However,

no

borrowing

or

lending

activity

is

without

risk.

When

a

fund

borrows

money

from

another

fund,

there

is

a

risk

that

the

loan

could

be

called

on

one

day’s

notice

or

not

renewed,

in

which

case

the

fund may

have

to

borrow

from

a

bank

at

a

higher

rate

or

take

other

actions

to

payoff

such

loan

if

an

inter-fund

loan

is

not

available

from

another

fund.

Any

delay

in

repayment

to

a

lending

fund

could

result

in

a

lost

investment

opportunity

or

additional

borrowing

costs.

During

the

current

reporting

period,

none

of

the

Funds

covered

by

this

shareholder

report

have

entered

into

any

inter-fund

loan

activity.

Fund

Complex-Level

Fee

BXMX

0.1595%

DIAX

0.1595%

SPXX

0.1595%

QQQX

0.1595%

JCE

0.1595%

Fund

Purchases

Sales

Realized

Gain

(Loss)

BXMX

$

—

$

—

$

—

DIAX

—

—

—

SPXX

5,245,386

—

—

QQQX

2,527,578

7,041,076

1,111,855

JCE

8,585,568

2,576,725

(111,606

)

Risk

Considerations

(Unaudited)

81

Fund

shares

are

not

guaranteed

or

endorsed

by

any

bank

or

other

insured

depository

institution,

and

are

not

federally

insured

by

the

Federal

Deposit

Insurance

Corporation.

Nuveen

S&P

500

Buy-Write

Income

Fund

(BXMX)

Investing

in

closed-end

funds

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Closed-end

fund

shares

may

frequently

trade

at

a

discount

or

premium

to

their

net

asset

value.

Common

stock

returns

often

have

experienced

significant

volatility.

The

Fund

may

not

participate

in

any

appreciation

of

its

equity

portfolio

as

fully

as

it

would

if

the

Fund

did

not

sell

call

options.

In

addition,

the

Fund

will

continue

to

bear

the

risk

of

declines

in

the

value

of

the

equity

portfolio.

Because

index

options

are

settled

in

cash,

sellers

of

index

call

options,

such

as

the

Fund,

cannot

provide

in

advance

for

their

potential

settlement

obligations

by

acquiring

and

holding

the

underlying

securities.

For

these

and

other

risks,

including

tax

risk,

please

see

the

Fund’s

web

page

at

www.nuveen.com/BXMX.

Nuveen

Dow

30SM

Dynamic

Overwrite

Fund

(DIAX)

Investing

in

closed-end

funds

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Closed-end

fund

shares

may

frequently

trade

at

a

discount

or

premium

to

their

net

asset

value.

Common

stock

returns

often

have

experienced

significant

volatility.

The

Fund

may

not

participate

in

any

appreciation

of

its

equity

portfolio

as

fully

as

it

would

if

the

Fund

did

not

sell

call

options.

In

addition,

the

Fund

will

continue

to

bear

the

risk

of

declines

in

the

value

of

the

equity

portfolio.

Because

index

options

are

settled

in

cash,

sellers

of

index

call

options,

such

as

the

Fund,

cannot

provide

in

advance

for

their

potential

settlement

obligations

by

acquiring

and

holding

the

underlying

securities.

For

these

and

other

risks,

including

tax

risk,

please

see

the

Fund’s

web

page

at

www.nuveen.com/DIAX.

Nuveen

S&P

500

Dynamic

Overwrite

Fund

(SPXX)

Investing

in

closed-end

funds

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Closed-end

fund

shares

may

frequently

trade

at

a

discount

or

premium

to

their

net

asset

value.

Common

stock

returns

often

have

experienced

significant

volatility.

The

Fund

may

not

participate

in

any

appreciation

of

its

equity

portfolio

as

fully

as

it

would

if

the

Fund

did

not

sell

call

options.

In

addition,

the

Fund

will

continue

to

bear

the

risk

of

declines

in

the

value

of

the

equity

portfolio.

Because

index

options

are

settled

in

cash,

sellers

of

index

call

options,

such

as

the

Fund,

cannot

provide

in

advance

for

their

potential

settlement

obligations

by

acquiring

and

holding

the

underlying

securities.

For

these

and

other

risks,

including

tax

risk,

please

see

the

Fund’s

web

page

at

www.nuveen.com/SPXX.

Nuveen

Nasdaq

100

Dynamic

Overwrite

Fund

(QQQX)

Investing

in

closed-end

funds

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Closed-end

fund

shares

may

frequently

trade

at

a

discount

or

premium

to

their

net

asset

value.

Common

stock

returns

often

have

experienced

significant

volatility.

The

Fund

may

not

participate

in

any

appreciation

of

its

equity

portfolio

as

fully

as

it

would

if

the

Fund

did

not

sell

call

options.

In

addition,

the

Fund

will

continue

to

bear

the

risk

of

declines

in

the

value

of

the

equity

portfolio.

Because

index

options

are

settled

in

cash,

sellers

of

index

call

options,

such

as

the

Fund,

cannot

provide

in

advance

for

their

potential

settlement

obligations

by

acquiring

and

holding

the

underlying

securities.

For

these

and

other

risks,

including

tax

risk,

please

see

the

Fund’s

web

page

at

www.nuveen.com/QQQX.

Nuveen

Core

Equity

Alpha

Fund

(JCE)

Investing

in

closed-end

funds

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Closed-end

fund

shares

may

frequently

trade

at

a

discount

or

premium

to

their

net

asset

value.

Common

stock

returns

often

have

experienced

significant

volatility.

The

Fund

may

not

participate

in

any

appreciation

of

its

equity

portfolio

as

fully

as

it

would

if

the

Fund

did

not

sell

call

options.

In

addition,

the

Fund

will

continue

to

bear

the

risk

of

declines

in

the

value

of

the

equity

portfolio.

Because

index

options

are

settled

in

cash,

sellers

of

index

call

options,

such

as

the

Fund,

cannot

provide

in

advance

for

their

potential

settlement

obligations

by

acquiring

and

holding

the

underlying

securities.

For

these

and

other

risks,

including

tax

risk,

please

see

the

Fund’s

web

page

at

www.nuveen.com/JCE.

82

Additional

Fund

Information

(Unaudited)

Portfolio

of

Investments

Information

Each

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

CEO

Certification

Disclosure

Each

Fund’s

Chief

Executive

Officer

(CEO)

has

submitted

to

the

New

York

Stock

Exchange

(NYSE)

the

annual

CEO

certification

as

required

by

Section

303A.12(a)

of

the

NYSE

Listed

Company

Manual.

Each

Fund

has

filed

with

the

SEC

the

certification

of

its

CEO

and

Chief

Financial

Officer

required

by

Section

302

of

the

Sarbanes-Oxley

Act.

Common

Share

Repurchases

Each

Fund

intends

to

repurchase,

through

its

open-market

share

repurchase

program,

shares

of

its

own

common

stock

at

such

times

and

in

such

amounts

as

is

deemed

advisable.

During

the

period

covered

by

this

report,

each

Fund

repurchased

shares

of

its

common

stock

as

shown

in

the

accompanying

table.

Any

future

repurchases

will

be

reported

to

shareholders

in

the

next

annual

or

semi-annual

report.

FINRA

BrokerCheck

:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

Board

of

Trustees

Jack

B.

Evans

William

C.

Hunter

Amy

B.R.

Lancellotta

Joanne

T.

Medero

Albin

F.

Moschner

John

K.

Nelson

Matthew

Thornton

III

Terence

J.

Toth

Margaret

L.

Wolff

Robert

L.

Young

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Congress

Street

Suite

1

Boston,

MA

02114-2016

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Independent

Registered

Public

Accounting

Firm

Price

waterhouseCoopers

LLP

One

North

Wacker

Drive

Chicago,

IL

60606

Transfer

Agent

and

Shareholder

Services

Computershare

Trust

Company,

N.A.

150

Royall

Street

Canton,

MA

02021

(800)

257-8787

BXMX

DIAX

SPXX

QQQX

JCE

Common

shares

repurchased

0

0

0

0

0

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

83

19(a)

Notice:

Section

19(a)

of

the

Investment

Company

Act

of

1940

requires

that

the

payment

of

any

distribution

which

is

made

from

a

source

other

than

the

fund’s

net

income

be

accompanied

by

a

written

notice

that

discloses

the

estimated

sources

of

such

payment.

Average

Annual

Total

Return

:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Net

Asset

Value

(NAV)

Per

Share:

A

fund’s

Net

Assets

is

equal

to

its

total

assets

(securities,

cash,

accrued

earnings

and

receivables)

less

its

total

liabilities.

NAV

per

share

is

equal

to

the

fund’s

Net

Assets

divided

by

its

number

of

shares

outstanding.

84

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

At

a

meeting

held

on

May

23-25,

2023

(the

“May

Meeting”),

the

Boards

of

Trustees

(collectively,

the

“Board”

and

each

Trustee,

a

“Board

Member”)

of

the

Funds,

which

are

comprised

entirely

of

Board

Members

who

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”))

(the

“Independent

Board

Members”),

approved,

for

their

respective

Fund,

the

renewal

of

the

management

agreement

(each,

an

“Investment

Management

Agreement”)

with

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

pursuant

to

which

the

Adviser

serves

as

the

investment

adviser

to

such

Fund,

and

the

sub-advisory

agreement

(each,

a

“Sub-Advisory

Agreement”)

with

(a)

in

the

case

of

Nuveen

S&P

500

Buy-Write

Income

Fund

(the

“S&P

Buy-Write

Fund”),

Gateway

Investment

Advisers,

LLC

(“Gateway”),

pursuant

to

which

Gateway

serves

as

the

investment

sub-adviser

to

such

Fund;

and

(b)

in

the

case

of

Nuveen

Dow

30sm

Dynamic

Overwrite

Fund

(the

“Dow

Fund”),

Nuveen

S&P

500

Dynamic

Overwrite

Fund

(the

“S&P

Dynamic

Fund”),

Nuveen

Nasdaq

100

Dynamic

Overwrite

Fund

(the

“Nasdaq

Fund”)

and

Nuveen

Core

Equity

Alpha

Fund

(the

“Core

Equity

Alpha

Fund”),

Nuveen

Asset

Management,

LLC

(“NAM,”

and

Gateway

and

NAM

are

each,

a

“Sub-Adviser”),

pursuant

to

which

NAM

serves

as

the

investment

sub-adviser

to

each

such

Fund,

for

an

additional

one-year

term.

As

the

Board

is

comprised

of

all

Independent

Board

Members,

the

references

to

the

Board

and

the

Independent

Board

Members

are

interchangeable.

Following

up

to

an

initial

two-year

period,

the

Board

considers

the

renewal

of

each

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

applicable

Fund

on

an

annual

basis.

The

Investment

Management

Agreements

and

Sub-Advisory

Agreements

are

collectively

referred

to

as

the

“Advisory

Agreements,”

and

the

Adviser

and

the

Sub-Advisers

are

collectively,

the

“Fund

Advisers”

and

each,

a

“Fund

Adviser.”

The

Independent

Board

Members

considered

the

review

of

the

advisory

agreements

for

the

Nuveen

funds

to

be

an

ongoing

process

and

employed

the

accumulated

information,

knowledge

and

experience

the

Board

Members

had

gained

during

their

tenure

on

the

boards

governing

the

Nuveen

funds

and

working

with

the

Adviser

and

the

applicable

sub-advisers

in

their

annual

review

of

the

advisory

agreements.

Throughout

the

year,

the

Board

and

its

committees

meet

regularly

and,

at

these

meetings,

receive

regular

and/or

special

reports

that

cover

an

extensive

array

of

topics

and

information

that

are

relevant

to

the

Board’s

annual

consideration

of

the

renewal

of

the

advisory

agreements

for

the

Nuveen

funds.

Such

information

may

address,

among

other

things,

fund

performance

and

risk

information;

the

Adviser’s

strategic

plans;

product

initiatives

for

various

funds;

the

review

of

the

funds

and

investment

teams;

compliance,

regulatory

and

risk

management

matters;

the

trading

practices

of

the

various

sub-advisers

to

the

Nuveen

funds;

management

of

distributions;

valuation

of

securities;

fund

expenses;

securities

lending;

liquidity

management;

overall

market

and

regulatory

developments;

and

with

respect

to

closed-end

funds,

capital

management

initiatives,

institutional

ownership,

management

of

leverage

financing

and

the

secondary

market

trading

of

the

closed-end

funds

and

any

actions

to

address

discounts.

The

Board

also

seeks

to

meet

periodically

with

the

Nuveen

funds’

sub-advisers

and/or

portfolio

teams,

when

feasible.

The

presentations,

discussions,

and

meetings

throughout

the

year

also

provide

a

means

for

the

Board

to

evaluate

the

level,

breadth

and

quality

of

services

provided

by

the

Adviser

and

how

such

services

have

changed

over

time

in

light

of

new

or

modified

regulatory

requirements,

changes

to

market

conditions

or

other

factors.

In

connection

with

its

annual

consideration

of

the

advisory

agreements

for

the

Nuveen

funds,

the

Board,

through

its

independent

legal

counsel,

requested

and

received

extensive

materials

and

information

prepared

specifically

for

its

review

of

such

advisory

agreements

by

the

Adviser

and

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data.

The

materials

cover

a

wide

range

of

topics

including,

but

not

limited

to,

a

description

of

the

nature,

extent

and

quality

of

services

provided

by

the

Fund

Advisers;

a

review

of

product

actions

advanced

in

2022

for

the

benefit

of

particular

Nuveen

funds

and/or

the

Nuveen

fund

complex;

a

review

of

each

sub-adviser

to

the

Nuveen

funds

and/or

the

applicable

investment

team;

an

analysis

of

fund

performance

with

a

focus

on

any

Nuveen

funds

considered

performance

outliers;

an

analysis

of

the

fees

and

expense

ratios

of

the

Nuveen

funds

with

a

focus

on

any

Nuveen

funds

considered

expense

outliers;

a

review

of

management

fee

schedules;

a

description

of

portfolio

manager

compensation;

an

overview

of

the

secondary

market

trading

of

shares

of

the

Nuveen

closed-end

funds

(including,

among

other

things,

an

analysis

of

secondary

market

performance

and

commentary

regarding

the

leverage

management,

share

repurchase

and

shelf

offering

programs

of

Nuveen

closed-end

funds);

a

description

of

the

profitability

or

financial

data

of

Nuveen

and

the

sub-advisers

to

the

Nuveen

funds;

and

a

description

of

indirect

benefits

received

by

the

Adviser

and

the

sub-advisers

as

a

result

of

their

relationships

with

the

Nuveen

funds.

The

information

prepared

specifically

for

the

annual

review

supplemented

the

information

provided

to

the

Board

and

its

committees

and

the

evaluations

of

the

Nuveen

funds

by

the

Board

and

its

committees

during

the

year.

The

Board’s

review

of

the

advisory

agreements

for

the

Nuveen

funds

is

based

on

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

information

prepared

specifically

with

respect

to

the

annual

review

of

such

advisory

agreements.

The

performance,

fee

and

expense

data

and

other

information

provided

by

a

Fund

Adviser,

Broadridge

or

other

service

providers

were

not

independently

verified

by

the

Independent

Board

Members.

As

part

of

its

review,

the

Board

met

on

April

11-12,

2023

(the

“April

Meeting”)

to

review

and

discuss,

in

part,

the

performance

of

the

Nuveen

funds

and

the

Adviser’s

evaluation

of

each

sub-adviser

to

the

Nuveen

funds

and/or

its

investment

teams.

At

the

April

Meeting,

the

Board

Members

asked

questions

and

requested

additional

information

that

was

provided

for

the

May

Meeting.

The

Independent

Board

Members

were

advised

by

independent

legal

counsel

during

the

annual

review

process

as

well

as

throughout

the

year,

including

meeting

in

executive

sessions

with

such

counsel

at

which

no

representatives

from

the

Adviser

or

the

Sub-Advisers

were

present.

In

connection

with

their

annual

review,

the

Independent

Board

Members

also

received

a

memorandum

from

independent

legal

counsel

outlining

their

fiduciary

duties

and

legal

standards

in

reviewing

the

Advisory

Agreements,

including

guidance

from

court

cases

evaluating

advisory

fees.

The

Board’s

decision

to

renew

the

Advisory

Agreements

was

not

based

on

a

single

identified

factor,

but

rather

the

decision

reflected

the

comprehensive

consideration

of

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

materials

prepared

specifically

in

connection

with

the

renewal

process.

The

contractual

arrangements

are

a

result

of

multiple

years

of

review,

negotiation

and

information

provided

in

connection

with

the

Board’s

annual

review

of

the

Nuveen

funds’

advisory

arrangements

and

oversight

of

the

Nuveen

funds.

Each

Board

Member

may

have

attributed

different

levels

of

importance

to

the

various

factors

and

information

considered

in

connection

with

the

85

approval

process

and

may

place

different

emphasis

on

the

relevant

information

year

to

year

in

light

of,

among

other

things,

changing

market

and

economic

conditions.

A

summary

of

the

principal

factors

and

information,

but

not

all

the

factors,

the

Board

considered

in

deciding

to

renew

the

Advisory

Agreements

is

set

forth

below.

A.

Nature,

Extent

and

Quality

of

Services

In

evaluating

the

renewal

of

the

Advisory

Agreements,

the

Independent

Board

Members

received

and

considered

information

regarding

the

nature,

extent

and

quality

of

the

applicable

Fund

Adviser’s

services

provided

to

the

respective

Fund

with

particular

focus

on

the

services

and

enhancements

or

changes

to

such

services

provided

during

the

last

year.

The

Independent

Board

Members

considered

the

Investment

Management

Agreements

and

the

Sub-Advisory

Agreements

separately

in

the

course

of

their

review.

With

this

approach,

they

considered

the

respective

roles

of

the

Adviser

and

the

Sub-Advisers

in

providing

services

to

the

applicable

Fund(s).

The

Board

recognized

that

the

Adviser

provides

a

wide

array

of

management,

oversight

and

administrative

services

to

manage

and

operate

the

Nuveen

funds

and

that

the

scope

and

complexity

of

these

services,

along

with

the

undertakings

required

of

the

Adviser

in

connection

with

providing

these

services,

have

expanded

over

time

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments.

The

Board

noted

the

Adviser’s

dedication

of

resources,

time,

personnel

and

capital

and

commitment

to

continuing

to

develop

improvements

and

innovations

that

seek

to

enhance

the

Nuveen

fund

complex

and

meet

the

needs

of

the

Nuveen

funds

in

an

increasingly

complex

regulatory

environment.

The

Board

received

and

reviewed

information

regarding,

among

other

things,

the

Adviser’s

investment

oversight

responsibilities,

regulatory

and

compliance

services,

administrative

duties

and

other

services.

The

Board

considered

the

breadth

and

the

quality

of

the

services

the

Adviser

and

its

various

teams

provide

in

overseeing

the

investment

management

of

the

Nuveen

funds,

including,

among

other

things,

overseeing

and

reviewing

the

services

provided

by

the

various

sub-advisers

to

the

Nuveen

funds

and

their

investment

teams;

evaluating

fund

performance

and

market

conditions;

overseeing

operational

and

investment

risks;

evaluating

investment

strategies

and

recommending

any

changes

thereto;

managing

liquidity;

managing

the

daily

valuation

of

portfolio

securities;

overseeing

trade

execution

and

securities

lending;

and

setting

and

managing

distributions

consistent

with

the

respective

fund’s

product

design.

With

respect

to

closed-end

funds,

such

services

also

include

managing

leverage;

monitoring

asset

coverage

levels

for

leveraged

funds

and

compliance

with

rating

agency

criteria;

providing

capital

management

and

secondary

market

services

(such

as

implementing

common

share

shelf

offerings,

capital

return

programs

and

common

share

repurchases);

and

maintaining

a

closed-end

fund

investor

relations

program.

The

Board

also

reviewed

the

structure

of

investment

personnel

compensation

of

each

Fund

Adviser

and

considered

whether

the

structure

provides

appropriate

incentives

to

attract

and

maintain

qualified

personnel

and

to

act

in

the

best

interests

of

the

respective

Nuveen

fund.

Given

the

Nuveen

funds

operate

in

a

highly

regulated

industry,

the

Board

further

considered

the

extensive

compliance,

regulatory

and

administrative

services

the

Adviser

and

its

various

teams

provide

to

manage

and

operate

the

Nuveen

funds.

The

Board

recognized

such

services

included,

but

were

not

limited

to,

managing

compliance

policies;

monitoring

compliance

with

applicable

policies,

laws

and

regulations;

devising

internal

compliance

programs

in

seeking

to

enhance

compliance

with

regulatory

requirements

and

creating

a

framework

to

review

and

assess

compliance

programs;

overseeing

sub-adviser

compliance

testing;

preparing

compliance

training

materials;

and

responding

to

regulatory

requests.

The

Board

reviewed

highlights

of

the

various

initiatives

Nuveen

compliance

had

taken

in

2022

including,

among

other

things,

additional

due

diligence

of

service

providers

as

their

operating

environments

evolve

post-Covid

to

more

hybrid

in-person

working

arrangements;

investments

in

supporting

and

expanding

international

trading

capabilities;

continuing

efforts

to

enhance

policies

and

controls

to

address

compliance

risks

including

those

related

to

environmental,

social

and

governance

(“ESG”)

matters

and

new

regulatory

developments

or

guidance;

and

establishing

and

maintaining

compliance

policies

and

comprehensive

compliance

training

programs.

The

Board

also

considered

information

regarding

the

Adviser’s

business

continuity,

disaster

recovery

and

information

security

programs

and

the

periodic

testing

and

review

of

such

programs.

In

addition

to

the

above

functions,

the

Board

considered

the

quality

and

extent

of

other

non-advisory

services

the

Adviser

provides

including,

among

other

things,

various

fund

administration

services

(such

as

preparing,

overseeing

or

assisting

with

the

preparation

of

tax

and

regulatory

filings);

product

management

services

(such

as

evaluating

and

enhancing

products

and

strategies);

legal

support

services;

shareholder

services

and

transfer

agency

function

oversight

services;

and

board

support

and

reporting

services.

With

respect

to

board

support

services,

the

Board

reviewed

a

summary

of

the

annual,

quarterly,

and

special

reports

the

Adviser

and/or

its

affiliates

provided

to

the

Board

throughout

2022.

The

Board

further

acknowledged

various

initiatives

the

Adviser

had

undertaken

or

continued

in

2022

in

seeking

to

improve

the

effectiveness

of

its

organization,

the

Nuveen

funds

product

line-up

as

well

as

particular

Nuveen

fund(s)

through,

among

other

things,

rationalizing

the

product

line

and

gaining

efficiencies

through

mergers,

repositionings

and

liquidations;

launching

new

funds;

reviewing

and

updating

investment

policies

and

benchmarks;

reopening

certain

funds

previously

closed

to

new

investors;

adding

or

modifying

the

share

classes

offered

by

certain

funds;

implementing

fee

waivers

and

expense

cap

changes

for

certain

funds

and

evaluating

and

adjusting

portfolio

management

teams

as

appropriate

for

various

funds;

and

developing

policy

positions

on

a

broad

range

of

regulatory

proposals

that

may

impact

the

funds

and

communicating

with

lawmakers

and

other

regulatory

authorities

to

help

ensure

these

positions

are

represented.

Aside

from

the

services

provided,

the

Board

recognized

the

financial

resources

of

the

Adviser

and

its

affiliates

and

their

willingness

to

make

investments

in

the

technology,

personnel

and

infrastructure

to

support

the

Nuveen

funds,

including

maintaining

a

seed

capital

budget

to

support

new

or

existing

funds

and/or

facilitate

changes

for

a

respective

fund.

The

Board

noted

the

benefits

to

shareholders

of

investing

in

a

fund

that

is

a

part

of

a

large

fund

complex

with

a

variety

of

investment

disciplines,

capabilities,

expertise

and

resources

available

to

navigate

and

support

the

Nuveen

funds

including

during

stressed

times.

The

Board

recognized

the

overall

reputation

and

capabilities

of

the

Adviser

and

its

affiliates,

the

Adviser’s

continuing

commitment

to

provide

high

quality

services,

its

willingness

to

implement

operational

or

organizational

changes

in

seeking,

among

other

things,

to

enhance

efficiencies

and

services

to

the

Nuveen

funds

and

its

responsiveness

to

the

Board’s

questions

and/or

concerns

raised

throughout

the

year

and

during

the

annual

review

of

advisory

agreements.

The

Board

also

considered

the

significant

risks

borne

by

the

Adviser

and

its

affiliates

in

connection

with

their

services

to

the

Nuveen

funds,

including

entrepreneurial

risks

in

sponsoring

new

funds

and

ongoing

risks

with

managing

the

funds

such

as

investment,

operational,

reputational,

regulatory,

compliance

and

litigation

risks.

86

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

The

Board

further

considered

the

division

of

responsibilities

between

the

Adviser

and

the

Sub-Advisers

and

recognized

that

each

Sub-Adviser

and

its

investment

personnel

generally

are

responsible

for

the

management

of

each

applicable

Fund’s

portfolio

under

the

oversight

of

the

Adviser

and

the

Board.

The

Board

considered

an

analysis

of

each

Sub-Adviser

provided

by

the

Adviser

which

included,

among

other

things,

information

relating

to

the

assets

under

management

of

the

Sub-Adviser

or

applicable

investment

team

and

changes

thereto,

a

summary

of

the

applicable

investment

team

and

changes

to

such

team,

the

investment

process

and

philosophy

of

the

applicable

investment

team,

the

performance

of

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser

over

various

periods

of

time

and

a

summary

of

any

significant

policy

and/or

other

changes

to

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser.

The

Board

further

considered

at

the

May

Meeting

or

prior

meetings

evaluations

of

each

Sub-Adviser’s

compliance

programs

and

trade

execution.

The

Board

noted

that

the

Adviser

recommended

the

renewal

of

the

Sub-Advisory

Agreements.

Based

on

its

review,

the

Board

determined,

in

the

exercise

of

its

reasonable

business

judgment,

that

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

respective

Funds

under

each

applicable

Advisory

Agreement.

B.

The

Investment

Performance

of

the

Funds

and

Fund

Advisers

In

evaluating

the

quality

of

the

services

provided

by

the

Fund

Advisers,

the

Board

also

considered

a

variety

of

investment

performance

data

of

the

Nuveen

funds

prepared

specifically

for

the

annual

review

of

the

advisory

agreements

as

well

as

the

performance

data

the

Board

received

throughout

the

year

representing

different

time

periods.

In

this

regard,

leading

into

the

May

Meeting,

the

Board

reviewed,

among

other

things,

Fund

performance

over

the

quarter,

one-,

three-

and

five-year

periods

ending

December 31,

2022

and

March

31,

2023.

In

addition,

the

Board

reviewed

and

discussed

performance

data

at

its

regularly

scheduled

quarterly

meetings

during

the

year.

The

Board

therefore

took

into

account

the

performance

data,

presentations

and

discussions

(written

and

oral)

that

have

been

provided

for

the

annual

review

as

well

as

in

prior

meetings

over

time

in

evaluating

fund

performance,

including

the

Adviser’s

analysis

of

a

fund’s

performance

with

particular

focus

on

performance

outliers

(both

overperformance

and

underperformance),

the

factors

contributing

to

performance

(including

relative

to

a

fund’s

benchmark

and

peers

and

the

impact

of

market

conditions)

and

any

recommendations

or

steps

that

had

been

taken

or

were

proposed

to

be

taken

to

address

significant

performance

concerns.

In

this

regard,

the

Board

noted,

among

other

things,

that

certain

Nuveen

funds

had

changes

in

portfolio

managers

or

other

significant

changes

to

their

investment

strategies

or

policies

since

March

2020,

and,

as

a

result,

the

Board

reviewed

certain

tracking

performance

data

comparing

the

performance

of

such

funds

before

and

after

such

changes.

With

respect

to

certain

Nuveen

option

overwrite

funds,

including

the

S&P

Dynamic

Fund,

the

Dow

Fund,

the

Nasdaq

Fund

and

the

Core

Equity

Alpha

Fund,

the

Board

recognized,

as

applicable,

the

portfolio

management

and/or

investment

strategy

changes

adopted

by

such

funds

and

considered

the

respective

fund’s

performance

relative

to

its

blended

benchmark

as

well

as

the

performance

attributed

to

the

equity

portion

and

the

options

portion

of

the

fund’s

portfolio

relative

to

their

respective

benchmark

for

the

trailing

one-year

periods

ended

March

31,

2023.

In

addition,

with

respect

to

the

S&P

Buy-Write

Fund,

the

Board

reviewed

certain

performance

data

reflecting

the

annualized

performance

for

the

period

from

January

1,

2022

through

March

31,

2023

of

the

Fund

relative

to

its

benchmark

and

of

the

equity

portion

and

the

options

portion

of

the

Fund’s

portfolio

relative

to

their

respective

benchmark.

The

Board

recognized

that

performance

data

reflects

performance

over

a

specified

period

which

may

differ

significantly

depending

on

the

ending

dates

selected,

particularly

during

periods

of

market

volatility.

Further,

the

Board

noted

that

shareholders

may

evaluate

performance

based

on

their

own

respective

holding

periods

which

may

differ

from

the

performance

periods

reviewed

by

the

Board

and

lead

to

differing

results.

In

its

evaluation,

the

Board

reviewed

Nuveen

fund

performance

results

from

different

perspectives.

In

general,

subject

to

certain

exceptions,

the

Board

reviewed

both

absolute

and

relative

fund

performance

during

the

annual

review

over

the

various

time

periods

and

evaluated

performance

results

in

light

of

a

fund’s

investment

objective(s),

strategies

and

risks.

With

respect

to

the

relative

performance,

the

Board

considered

fund

performance

in

comparison

to

the

performance

of

peer

funds

(the

“Performance

Peer

Group”)

and

recognized

and/or

customized

benchmarks

(i.e.,

generally

benchmarks

derived

from

multiple

recognized

benchmarks).

In

reviewing

such

comparative

performance,

the

Board

was

cognizant

of

the

inherent

limitations

of

such

data

which

can

make

meaningful

performance

comparisons

generally

difficult.

As

an

illustration,

differences

in

the

composition

of

the

Performance

Peer

Group,

the

investment

objective(s),

strategies

and

other

characteristics

of

the

peers

in

the

Performance

Peer

Group,

the

level,

type

and

cost

of

leverage

(if

any)

of

the

peers,

and

the

varying

sizes

of

peers

all

may

contribute

to

differences

in

the

performance

results

of

a

Performance

Peer

Group

compared

to

the

applicable

Nuveen

fund.

With

respect

to

relative

performance

of

a

Nuveen

fund

compared

to

a

benchmark

index,

differences,

among

other

things,

in

the

investment

objective(s)

and

strategies

of

a

fund

and

the

benchmark

(particularly

an

actively

managed

fund

that

does

not

directly

follow

an

index)

as

well

as

the

costs

of

operating

a

fund

would

necessarily

contribute

to

differences

in

performance

results

and

limit

the

value

of

the

comparative

performance

information.

To

assist

the

Board

in

its

review

of

the

comparability

of

the

relative

performance,

the

Adviser

has

ranked

the

relevancy

of

the

peer

group

to

the

Funds

as

low,

medium

or

high.

The

secondary

market

trading

of

shares

of

the

Nuveen

closed-end

funds

also

continues

to

be

a

priority

for

the

Board

given

its

importance

to

shareholders,

and

therefore

the

Board

and/or

its

Closed-end

Fund

committee

reviews

certain

performance

data

reflecting,

among

other

things,

the

premiums

and

discounts

at

which

the

shares

of

the

Nuveen

closed-end

funds

have

traded

over

specified

periods

throughout

the

year.

In

its

review,

the

Board

considers,

among

other

things,

changes

to

investment

mandates

and

guidelines,

distribution

policies,

leverage

levels

and

types;

share

repurchases

and

similar

capital

market

actions;

and

effective

communications

programs

to

build

greater

awareness

and

deepen

understanding

of

closed-end

funds.

As

applicable,

the

Board

considered

the

impact

of

leverage

on

a

Nuveen

fund’s

performance.

The

Board

further

acknowledged

that

performance

results

should

include

the

distribution

yields

of

funds

that

seek

to

provide

income

as

part

of

their

investment

objective(s)

to

shareholders.

In

this

regard,

the

Board

considered

that

the

use

of

leverage

by

various

funds

may

have

detracted

from

total

return

performance

of

such

funds

over

various

periods

in

current

market

conditions,

but

the

leverage

also

was

accretive

in

helping

to

provide

income.

The

Board

also

evaluated

Nuveen

fund

performance

in

light

of

various

relevant

factors

which

may

include,

among

other

things,

general

market

conditions,

issuer-specific

information,

asset

class

information,

leverage

and

fund

cash

flows.

The

Board

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance

and

that

a

single

investment

theme

could

disproportionately

affect

performance.

Further,

the

Board

recognized

that

the

market

and

economic

conditions

may

significantly

impact

a

fund’s

87

performance,

particularly

over

shorter

periods,

and

such

performance

may

be

more

reflective

of

such

economic

or

market

events

and

not

necessarily

reflective

of

management

skill.

Although

the

Board

reviews

short-,

intermediate-

and

longer-term

performance

data,

the

Board

recognized

that

longer

periods

of

performance

may

reflect

full

market

cycles.

In

relation

to

recent

general

market

conditions,

the

Board

had

recognized

the

general

market

volatility

and

underperformance

of

the

market

in

2022

in

considering

Nuveen

fund

performance.

The

Board

took

into

account

the

Adviser’s

assessment

of

a

fund’s

performance

during

the

recent

period

of

significant

market

volatility.

In

their

review

from

year

to

year,

the

Board

Members

consider

and

may

place

different

emphasis

on

the

relevant

information

in

light

of

changing

circumstances

in

market

and

economic

conditions.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

However,

depending

on

the

facts

and

circumstances

including

any

differences

between

the

respective

fund

and

its

benchmark

and/or

Performance

Peer

Group,

the

Board

may

be

satisfied

with

a

fund’s

performance

notwithstanding

that

its

performance

may

be

below

that

of

its

benchmark

and/or

peer

group

for

certain

periods.

With

respect

to

any

funds

for

which

the

Board

has

identified

performance

issues,

the

Board

seeks

to

monitor

such

funds

closely

until

performance

improves,

discusses

with

the

Adviser

the

reasons

for

such

results,

considers

whether

any

steps

are

necessary

or

appropriate

to

address

such

issues,

and

reviews

the

results

of

any

steps

undertaken.

The

Board’s

determinations

with

respect

to

each

Fund

are

summarized

below.

For

the

S&P

Buy-Write

Fund,

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-year

period

ended

December 31,

2022,

the

Fund

outperformed

its

benchmark

for

the

three-

and

five-year

periods

ended

December 31,

2022

as

well

as

the

one-,

three-

and

five-year

periods

ended

March 31,

2023.

Further,

the

Fund

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-

and

three-year

periods

ended

December 31,

2022

and

third

quartile

for

the

five-year

period

ended

December

31,

2022.

In

addition,

the

Fund

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

March

31,

2023

and

third

quartile

for

the

three-

and

five-

year

periods

ended

March

31,

2023.

The

Board

further

considered

certain

performance

information

attributed

to

the

equity

portion

of

the

Fund’s

portfolio

and

the

options

portion

of

the

Fund’s

portfolio.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

the

Dow

Fund,

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

for

the

three-

and

five-year

periods

ended

December 31,

2022,

the

Fund

outperformed

its

blended

benchmark

for

the

one-year

period

ended

December

31,

2022.

The

Fund

further

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

December 31,

2022

and

third

quartile

for

the

three-

and

five-year

periods

ended

December

31,

2022.

In

addition,

although

the

Fund’s

performance

also

was

below

the

performance

of

its

blended

benchmark

for

the

three-

and

five-year

periods

ended

March 31,

2023,

the

Fund

outperformed

its

blended

benchmark

for

the

one-year

period

ended

March

31,

2023

and

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

March

31,

2023

and

third

quartile

for

the

three-

and

five-year

periods

ended

March

31,

2023.

In

considering

performance,

the

Board

recognized

that

the

Performance

Peer

Group

was

classified

as

low

for

relevancy.

The

Board

further

considered

certain

performance

information

attributed

to

the

equity

portion

of

the

Fund’s

portfolio

and

the

options

portion

of

the

Fund’s

portfolio.

The

Board

also

noted

the

changes

to

the

Fund’s

equity

portfolio

management

team

in

2020

and

considered

the

performance

of

the

Fund

since

such

changes

and

for

the

quarter

and

one-year

periods

ended

March 31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

the

S&P

Dynamic

Fund,

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2022,

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-

year

period

ended

December

31,

2022

and

second

quartile

for

the

three-

and

five-year

periods

ended

December

31,

2022.

Further,

although

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

for

the

three-

and

five-year

periods

ended

March 31,

2023,

the

Fund

outperformed

its

blended

benchmark

for

the

one-year

period

ended

March

31,

2023

and

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

March 31,

2023

and

second

quartile

for

the

three-

and

five-year

periods

ended

March 31,

2023.

The

Board

further

considered

certain

performance

information

attributed

to

the

equity

portion

of

the

Fund’s

portfolio

and

the

options

portion

of

the

Fund’s

portfolio.

The

Board

also

noted

the

changes

to

the

Fund’s

equity

portfolio

management

team

in

2020

and

considered

the

performance

of

the

Fund

since

such

changes

and

for

the

quarter

and

one-year

periods

ended

March 31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

the

Nasdaq

Fund,

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2022

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-

and

three-year

periods,

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

five-year

period

ended

December

31,

2022.

In

addition,

although

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

for

the

one-,

three-

and

five-year

periods

ended

March

31,

2023

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-

and

three-year

periods

ended

March

31,

2023,

the

Fund

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

five-year

period

ended

March

31,

2023.

In

considering

performance,

the

Board,

however,

recognized

that

the

Performance

Peer

Group

was

classified

as

low

for

relevancy.

The

Board

further

considered

certain

performance

information

attributed

to

the

equity

portion

of

the

Fund’s

portfolio

and

the

options

portion

of

the

Fund’s

portfolio.

The

Board

also

noted

the

changes

to

the

Fund’s

equity

portfolio

management

team

in

2020

and

considered

the

performance

of

the

Fund

since

such

changes

and

for

the

quarter

and

one-year

periods

ended

March 31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

88

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

For

the

Core

Equity

Alpha

Fund,

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2022,

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-

year

period

ended

December

31,

2022

and

second

quartile

for

the

three-

and

five-year

periods

ended

December

31,

2022.

In

addition,

although

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

for

the

one-

and

five-year

periods

ended

March 31,

2023,

the

Fund

outperformed

its

blended

benchmark

for

the

three-year

period

ended

March 31,

2023

and

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

March 31,

2023

and

second

quartile

for

the

three-

and

five-year

periods

ended

March

31,

2023.

The

Board

further

considered

certain

performance

information

attributed

to

the

equity

portion

of

the

Fund’s

portfolio

and

the

options

portion

of

the

Fund’s

portfolio.

The

Board

acknowledged

the

change

in

portfolio

management

of

the

equity

portfolio

of

the

Fund

effective

in

October

of

2020

and

reviewed

certain

performance

data

since

the

portfolio

management

change

and

for

the

quarter

and

one-year

periods

ended

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

As

part

of

its

annual

review,

the

Board

generally

reviewed,

among

other

things,

with

respect

to

the

Nuveen

closed-end

funds,

the

contractual

management

fee

and

actual

management

fee

(i.e.,

the

management

fee

after

taking

into

consideration

fee

waivers

and/or

expense

reimbursements,

if

any)

paid

by

a

fund

to

the

Adviser

in

light

of

the

nature,

extent

and

quality

of

the

services

provided.

The

Board

also

considered

the

total

operating

expense

ratio

of

a

fund

(after

any

fee

waivers

and/or

expense

reimbursements).

More

specifically,

the

Independent

Board

Members

reviewed,

among

other

things,

each

Nuveen

closed-end

fund’s

actual

management

fee

rate

(after

fee

waivers

and/or

expense

reimbursements,

if

any)

and

net

total

expense

ratio

in

relation

to

those

of

a

comparable

universe

of

funds

(the

“Peer

Universe”)

established

by

Broadridge.

The

Independent

Board

Members

reviewed

the

methodology

Broadridge

employed

to

establish

its

Peer

Universe

and

recognized

that

differences

between

the

applicable

fund

and

its

respective

Peer

Universe

as

well

as

changes

to

the

composition

of

the

Peer

Universe

from

year

to

year

may

limit

some

of

the

value

of

the

comparative

data.

The

Independent

Board

Members

take

these

limitations

and

differences

into

account

when

reviewing

comparative

peer

data.

The

Independent

Board

Members

also

considered

a

fund’s

operating

expense

ratio

as

it

more

directly

reflected

the

shareholder’s

costs

in

investing

in

the

respective

fund.

In

their

review,

the

Independent

Board

Members

considered,

in

particular,

each

Nuveen

fund

with

a

net

total

expense

ratio

(excluding

investment-related

costs

of

leverage

for

closed-end

funds)

of

six

basis

points

or

higher

compared

to

that

of

its

peer

average

(each,

an

“Expense

Outlier

Fund”)

and

an

analysis

as

to

the

factors

contributing

to

each

such

fund’s

higher

relative

net

total

expense

ratio.

In

addition,

although

the

Board

reviewed

a

fund’s

total

net

expenses

both

including

and

excluding

investment-related

expenses

(i.e.,

leverage

costs)

for

certain

of

the

closed-end

funds,

the

Board

recognized

that

leverage

expenses

will

vary

across

funds

and

in

comparison

to

peers

because

of

differences

in

the

forms

and

terms

of

leverage

employed

by

the

respective

fund.

Accordingly,

in

reviewing

the

comparative

data

between

a

fund

and

its

peers,

the

Board

generally

considered

the

fund’s

net

total

expense

ratio

and

fees

(excluding

leverage

costs

and

leveraged

assets

for

the

closed-end

funds)

to

be

higher

if

they

were

over

10

basis

points

higher,

slightly

higher

if

they

were

6

to

10

basis

points

higher,

in

line

if

they

were

within

approximately

5

basis

points

higher

than

the

peer

average

and

below

if

they

were

below

the

peer

average

of

the

Peer

Universe.

The

Independent

Board

Members

also

considered,

in

relevant

part,

a

Nuveen

fund’s

management

fee

and

net

total

expense

ratio

in

light

of

its

performance

history,

including

reviewing

certain

funds

identified

by

the

Adviser

and/or

the

Board

as

having

a

higher

net

total

expense

ratio

or

management

fee

compared

to

their

respective

peers

coupled

with

experiencing

periods

of

challenged

performance

and

considering

the

reasons

for

such

comparative

positions.

In

addition,

with

respect

to

closed-end

funds

that

utilize

leverage,

the

Independent

Board

Members

recognized

that

certain

assets

attributable

to

a

fund’s

use

of

leverage

may

be

included

in

the

amount

of

assets

upon

which

the

advisory

fee

or

sub-advisory

fee

is

calculated.

The

Independent

Board

Members

acknowledged

the

fact

that

a

decision

to

employ

leverage

or

increase

a

fund’s

leverage

which

has

the

effect,

all

other

things

being

equal,

of

increasing

the

assets

upon

which

an

advisory

or

sub-

advisory

fee

is

based

(and,

in

turn,

increasing

the

Adviser’s

and

applicable

sub-adviser’s

management

fees),

means

that

the

Adviser

and

applicable

sub-adviser

may

have

a

conflict

of

interest

in

determining

whether

to

use

or

increase

leverage.

The

Independent

Board

Members

recognized,

however,

that

the

Adviser

and

sub-advisers

would

seek

to

manage

the

potential

conflict

by

recommending

to

the

Board

to

leverage

the

applicable

fund

or

increase

such

leverage

when

the

Adviser

and/or

sub-adviser,

as

applicable,

has

determined

that

such

action

would

be

in

the

best

interests

of

the

respective

fund

and

its

common

shareholders

and

by

periodically

reviewing

with

the

Board

the

fund’s

performance

and

the

impact

of

the

use

of

leverage

on

that

performance.

In

their

review

of

the

fee

arrangements

for

the

Nuveen

funds,

the

Independent

Board

Members

also

considered

the

management

fee

schedules,

including

the

complex-wide

and

fund-level

breakpoint

schedules,

as

applicable.

The

Board

noted

that

across

the

Nuveen

fund

complex,

the

complex-wide

fee

breakpoints

reduced

fees

by

approximately

$62.4 million

and

fund-level

breakpoints

reduced

fees

by

approximately

$76.1 million

in

2022.

With

respect

to

each

Sub-Adviser,

the

Board

also

considered,

among

other

things,

the

sub-advisory

fee

schedule

paid

to

the

Sub-Adviser

in

light

of

the

sub-advisory

services

provided

to

the

respective

Fund

and

comparative

data

of

the

fees

the

Sub-Adviser

charges

to

other

clients,

if

any.

In

its

review,

the

Board

recognized

that

the

compensation

paid

to

each

Sub-Adviser

is

the

responsibility

of

the

Adviser,

not

the

applicable

Fund(s).

The

Independent

Board

Members

noted

that

each

Fund

had

an

actual

management

fee

and

a

net

total

expense

ratio

that

were

below

the

respective

peer

averages.

89

Based

on

its

review

of

the

information

provided,

the

Board

determined

that

each

Fund’s

management

fees

(as

applicable)

to

a

Fund

Adviser

were

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

2.

Comparisons

with

the

Fees

of

Other

Clients

In

evaluating

the

appropriateness

of

fees,

the

Board

also

considered

information

regarding

the

fee

rates

the

respective

Fund

Advisers

charged

to

certain

other

types

of

clients

and

the

type

of

services

provided

to

these

other

clients.

With

respect

to

the

Adviser

and/or

NAM

(an

affiliated

sub-adviser),

such

other

clients

may

include:

retail

and

institutional

managed

accounts

sub-advised

by

such

Sub-Adviser;

hedge

funds

or

other

structured

products

managed

by

such

Sub-Adviser;

investment

companies

offered

outside

the

Nuveen

family

and

sub-advised

by

such

Sub-Adviser;

foreign

investment

companies

offered

by

Nuveen

and

sub-advised

by

such

Sub-Adviser;

and

collective

investment

trusts

sub-advised

by

such

Sub-Adviser.

The

Board

further

noted

that

the

Adviser

also

advised,

and

NAM

sub-advised,

certain

exchange-traded

funds

(“ETFs”)

sponsored

by

Nuveen.

The

Board

reviewed,

among

other

things,

the

range

of

fees

assessed

for

managed

accounts,

hedge

funds

(along

with

their

performance

fee),

foreign

investment

companies

and

ETFs

offered

by

Nuveen,

as

applicable.

The

Board

also

reviewed

the

fee

range

and

average

fee

rate

of

certain

selected

investment

strategies

offered

in

retail

and

institutional

managed

accounts

sub-advised

by

NAM,

the

hedge

funds

advised

by

NAM

(along

with

their

performance

fee)

and

non-Nuveen

investment

companies

sub-advised

by

certain

affiliated

sub-advisers.

In

considering

the

comparative

fee

data,

the

Board

recognized

that

differences,

including

but

not

limited

to,

the

amount,

type

and

level

of

services

provided

by

the

Adviser

to

the

Nuveen

funds

compared

to

that

provided

to

other

clients

as

well

as

differences

in

investment

policies;

eligible

portfolio

assets

and

the

manner

of

managing

such

assets;

product

structure;

investor

profiles;

account

sizes;

and

regulatory

requirements

contribute

to

the

variations

in

the

fee

schedules.

Similarly,

differences

in

the

client

base,

governing

bodies,

distribution

jurisdiction

and

operational

complexities

would

also

contribute

to

variations

in

management

fees

assessed

the

Nuveen

funds

compared

to

foreign

fund

clients.

Further,

with

respect

to

ETFs,

the

Board

considered

that

the

Nuveen

ETFs

that

are

designed

to

track

the

performance

of

a

specified

index

(“Index

ETFs”)

were

passively

managed

compared

to

the

active

management

of

other

Nuveen

funds,

which

also

contributed

to

the

differences

in

fee

levels

between

such

Index

ETFs

and

the

actively

managed

funds.

The

Board

acknowledged

the

wide

range

of

services

in

addition

to

investment

management

that

the

Adviser

had

provided

to

the

Nuveen

funds

compared

to

other

types

of

clients

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

Nuveen

funds.

In

general,

higher

fee

levels

reflect

higher

levels

of

service

provided

by

the

Adviser,

increased

investment

management

complexity,

greater

product

management

requirements,

and

higher

levels

of

business

risk

or

some

combination

of

these

factors.

The

Board

further

considered

that

NAM’s

fee

is

essentially

for

portfolio

management

services

and

therefore

more

comparable

to

the

fees

it

receives

for

retail

wrap

accounts

and

other

external

sub-advisory

mandates.

The

Board

concluded

the

varying

levels

of

fees

were

justified

given,

among

other

things,

the

more

extensive

services,

regulatory

requirements

and

legal

liabilities,

and

the

entrepreneurial,

legal

and

regulatory

risks

incurred

in

sponsoring

and

advising

a

registered

investment

company

compared

to

that

required

in

advising

other

types

of

clients.

The

Board

recognized

that

Gateway

was

an

unaffiliated

sub-adviser.

With

respect

to

Gateway,

the

Independent

Board

Members

reviewed

the

pricing

schedule

and/or

average

fee

rates

that

such

Sub-Adviser

charges

for

other

clients.

The

Independent

Board

Members

noted

that

the

Sub-Advisory

Agreement

with

Gateway,

including

the

fees

thereunder,

was

the

result

of

arm’s

length

negotiations

and

that

such

Sub-

Adviser’s

fees

were

reasonable

in

relation

to

the

fees

it

assessed

other

clients.

3.

Profitability

of

Fund

Advisers

In

their

review,

the

Independent

Board

Members

considered

estimated

profitability

information

of

Nuveen

as

a

result

of

its

advisory

services

to

the

Nuveen

funds

as

well

as

profitability

data

of

other

publicly

traded

asset

management

firms.

Such

profitability

information

included,

among

other

things,

gross

and

net

revenue

margins

(excluding

distribution)

of

Nuveen

Investments,

Inc.

(“Nuveen

Investments”)

for

services

to

the

Nuveen

funds

on

a

pre-tax

and

after-tax

basis

for

the

2022

and

2021

calendar

years

as

well

as

the

revenues

earned

(less

any

expense

reimbursements/fee

waivers)

and

expenses

incurred

by

Nuveen

Investments

for

its

advisory

activities

to

the

Nuveen

funds

(excluding

distribution

and

certain

other

expenses)

for

the

2022

and

2021

calendar

years.

The

Independent

Board

Members

also

considered

a

summary

of

some

of

the

key

factors

that

impacted

Nuveen’s

profitability

in

2022.

In

addition,

the

Board

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

after-tax)

the

Adviser

derived

from

its

ETF

product

line

for

the

2022

and

2021

calendar

years.

In

developing

the

profitability

data

of

the

Adviser

for

its

advisory

services

to

the

Nuveen

funds,

the

Independent

Board

Members

recognized

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

necessarily

dependent

on

cost

allocation

methodologies

to

allocate

expenses

throughout

the

complex

and

among

the

various

advisory

products.

Given

there

is

no

perfect

expense

allocation

methodology

and

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results,

the

Board

reviewed,

among

other

things,

a

description

of

the

cost

allocation

methodologies

employed

to

develop

the

financial

information,

a

summary

of

the

history

of

changes

to

the

methodology

over

the

years

from

2010

through

2022,

and

a

historical

expense

analysis

of

Nuveen

Investments’

revenues,

expenses

and

pre-tax

net

revenue

margins

derived

from

its

advisory

services

to

the

Nuveen

funds

(excluding

distribution)

for

the

calendar

years

from

2017

through

2022.

The

Board

had

also

appointed

four

Independent

Board

Members

to

serve

as

the

Board’s

liaisons,

with

the

assistance

of

independent

counsel,

to

meet

with

representatives

of

the

Adviser

and

review

the

development

of

the

profitability

data

and

to

report

to

the

full

Board.

90

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

In

addition,

the

Board

considered

certain

comparative

operating

margin

data.

In

this

regard,

the

Board

reviewed

the

operating

margins

of

Nuveen

Investments

compared

to

the

adjusted

operating

margins

of

a

peer

group

of

asset

management

firms

with

publicly

available

data

and

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

to

Nuveen.

The

Board

recognized

that

the

operating

margins

of

the

peers

were

adjusted

generally

to

address

that

certain

services

provided

by

the

peers

were

not

provided

by

Nuveen.

The

Board

also

reviewed,

among

other

things,

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

on

a

company-wide

basis

and

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

derived

from

its

services

to

the

Nuveen

funds

only

(including

and

excluding

distribution)

compared

to

the

adjusted

operating

margins

of

the

peer

group

for

each

calendar

year

from

2012

to

2022.

Although

the

total

company

operating

margins

of

Nuveen

Investments

were

in

the

bottom

half

of

the

peer

group

range

for

2022

and

2021,

the

Independent

Board

Members

recognized

the

limitations

of

the

comparative

data

given

that

peer

data

is

not

generally

public

and

the

calculation

of

profitability

is

subjective

and

affected

by

numerous

factors

(such

as

types

of

funds

a

peer

manages,

its

business

mix,

its

cost

of

capital,

the

numerous

assumptions

underlying

the

methodology

used

to

allocate

expenses

and

other

factors)

that

can

have

a

significant

impact

on

the

results.

Aside

from

Nuveen’s

profitability,

the

Board

recognized

that

the

Adviser

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

Accordingly,

the

Board

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2022

and

2021

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

recognized

the

benefit

of

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

volatility.

The

Board

also

noted

the

reinvestments

Nuveen,

its

parent

and/or

other

affiliates

made

into

its

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

Nuveen

funds

and

continued

investments

in

enhancements

to

technological

capabilities.

In

addition

to

Nuveen,

the

Independent

Board

Members

considered

the

profitability

of

each

Sub-Adviser

from

its

relationships

with

the

respective

Nuveen

funds.

In

this

regard,

with

respect

to

NAM,

the

Independent

Board

Members

reviewed,

among

other

things,

NAM’s

revenues,

expenses

and

net

revenue

margins

(pre-

and

after-tax)

for

its

advisory

activities

to

the

respective

Nuveen

funds

for

the

calendar

years

ended

December 31,

2022

and

December

31,

2021.

The

Independent

Board

Members

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

after-tax)

by

asset

type

for

NAM

for

the

calendar

years

ending

December 31,

2022

and

December

31,

2021.

With

respect

to

Gateway,

the

Independent

Board

Members

considered

a

profitability

and

margin

analysis

for

such

Sub-Adviser,

generally

including

revenues,

expenses

and

operating

margins

for

the

calendar

years

2022

and

2021.

With

respect

to

Gateway,

which

is

unaffiliated

with

Nuveen,

the

Board

recognized

that

the

sub-advisory

fee

would

have

been

established

through

arm’s

length

negotiations

between

the

Adviser

and

such

Sub-Adviser,

and

the

Adviser

pays

such

Sub-Adviser

out

of

its

own

revenues.

In

evaluating

the

reasonableness

of

the

compensation,

the

Independent

Board

Members

also

considered

any

other

ancillary

benefits

derived

by

the

respective

Fund

Adviser

from

its

relationship

with

the

Nuveen

funds

as

discussed

in

further

detail

below.

Based

on

a

consideration

of

all

the

information

provided,

the

Board

noted

that

Nuveen’s

and

each

Sub-Adviser’s

level

of

profitability

was

acceptable

and

not

unreasonable

in

light

of

the

services

provided.

D.

Economies

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

The

Board

considered

whether

there

have

been

economies

of

scale

with

respect

to

the

management

of

the

Nuveen

funds,

whether

these

economies

of

scale

have

been

appropriately

shared

with

the

funds

and

whether

there

is

potential

for

realization

of

further

economies

of

scale.

Although

the

Board

recognized

that

economies

of

scale

are

difficult

to

measure

with

any

precision

and

certain

expenses

may

not

decline

with

a

rise

in

assets,

the

Board

considered

that

Nuveen

shares

the

benefits

of

economies

of

scale,

if

any,

in

a

number

of

ways

including

through

the

use

of

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

funds

at

scale

at

inception

and

investments

in

Nuveen’s

business

which

can

enhance

the

services

provided

to

the

funds

for

the

fees

paid.

In

this

regard,

the

Board

recognized

that

the

management

fee

of

the

Adviser

is

generally

comprised

of

a

fund-level

component

and

a

complex-level

component

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

The

Board

reviewed

the

fund-level

and

complex-level

fee

schedules.

With

this

structure,

the

Board

noted

that

the

complex-level

breakpoint

schedule

is

designed

to

deliver

the

benefits

of

economies

of

scale

to

shareholders

when

the

eligible

assets

in

the

complex

pass

certain

thresholds

even

if

the

assets

of

a

particular

fund

are

unchanged

or

have

declined,

and

the

fund-level

breakpoint

schedules

are

designed

to

share

economies

of

scale

with

shareholders

if

the

particular

fund

grows.

The

Board

noted,

however,

that

although

closed-end

funds

may

make

additional

share

offerings

from

time

to

time,

the

closed-end

funds

have

a

more

limited

ability

to

increase

their

assets

because

the

growth

of

their

assets

will

occur

primarily

from

the

appreciation

of

their

investment

portfolios.

As

noted

above,

the

Independent

Board

Members

also

recognized

the

continued

reinvestment

in

Nuveen’s

business

to

enhance

its

capabilities

and

services

to

the

benefit

of

its

various

clients.

The

Board

understood

that

many

of

these

investments

in

the

Nuveen

business

were

not

specific

to

individual

Nuveen

funds

but

rather

incurred

across

of

a

variety

of

products

and

services

pursuant

to

which

the

family

of

Nuveen

funds

as

a

whole

may

benefit.

In

addition,

the

Board

also

considered

that

Nuveen

has

provided,

without

raising

advisory

fees

to

the

Nuveen

funds,

certain

additional

services,

including,

but

not

limited

to,

services

required

by

new

regulations

and

regulatory

interpretations,

and

this

was

also

a

means

of

sharing

economies

of

scale

with

the

funds

and

their

shareholders.

Based

on

its

review,

the

Board

was

satisfied

that

the

current

fee

arrangements

together

with

the

reinvestment

in

Nuveen’s

business

appropriately

shared

any

economies

of

scale

with

shareholders.

E.

Indirect

Benefits

The

Independent

Board

Members

received

and

considered

information

regarding

other

benefits

the

respective

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Nuveen

funds.

The

Board

acknowledged

that

an

affiliate

of

the

Adviser

may

receive

compensation

for

serving

as

a

co-manager

in

the

initial

public

offerings

of

new

Nuveen

closed-end

funds

(if

any)

and

for

serving

as

an

underwriter

on

shelf

offerings

of

existing

Nuveen

closed-end

funds

and

reviewed

the

amounts

paid

for

such

services,

if

any,

in

2021

and

2022.

91

In

addition,

the

Independent

Board

Members

noted

that

the

various

sub-advisers

to

the

Nuveen

funds

do

not

generally

benefit

from

soft

dollar

arrangements

with

respect

to

Nuveen

fund

portfolio

transactions.

Based

on

its

review,

the

Board

concluded

that

any

indirect

benefits

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

applicable

Fund(s)

were

reasonable

in

light

of

the

services

provided.

F.

Other

Considerations

The

Independent

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Independent

Board

Members

concluded

that

the

terms

of

each

Advisory

Agreement

were

reasonable,

that

the

respective

Fund

Adviser’s

fees

were

reasonable

in

light

of

the

services

provided

to

each

applicable

Fund

and

that

the

Advisory

Agreements

be

renewed

for

an

additional

one-year

period.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

ESA-A-0623P

3020140-INV-B-08/24

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/closed-end-funds

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Schedule of Investments.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item  2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.

(a)(4) Change in the registrant’s independent public accountant. Not applicable.

(b) If the report is filed under Section  13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2 (b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section  1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section  18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Dow 30^SM Dynamic Overwrite Fund

By (Signature and Title)	/s/ Mark L. Winget
	Mark L. Winget
	Vice President and Secretary

Date: September 6, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ David J. Lamb
	David J. Lamb
	Chief Administrative Officer
	(principal executive officer)

Date: September 6, 2023

By (Signature and Title)	/s/ E. Scott Wickerham
	E. Scott Wickerham
	Vice President and Funds Controller
	(principal financial officer)

Date: September 6, 2023

EX-99.CERT

EX-99.CERT

CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

CERTIFICATIONS

I, David J. Lamb, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Dow 30^SM Dynamic Overwrite Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 6, 2023

/s/ David J. Lamb

David J. Lamb

Chief Administrative Officer

(principal executive officer)

I, E. Scott Wickerham, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Dow 30^SM Dynamic Overwrite Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 6, 2023

/s/ E. Scott Wickerham

E. Scott Wickerham

Vice President and Funds Controller

(principal financial officer)

EX-99.906CERT

EX-99.906CERT

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer’s knowledge and belief.

The undersigned officers of Nuveen Dow 30^SM Dynamic Overwrite Fund (the “Registrant”), certify that, to the best of each such officer’s knowledge and belief:

1. The Form N-CSR of the Registrant for the period ended June 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: September 6, 2023

/s/ David J. Lamb

David J. Lamb

Chief Administrative Officer

(principal executive officer)

/s/ E. Scott Wickerham

E. Scott Wickerham

Vice President and Funds Controller

(principal financial officer)